West TX Oil Eases to $46.50 on Strike Action

Crude oil prices fell early on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared more than 8 percent on a sharp drop in U.S. drilling.

Brent crude oil futures were trading at $51.63 a barrel at 0130 GMT, down $1.36, while U.S. WTI futures had dropped $1.37 to $46.87 a barrel.

The declines followed a jump back from six-year lows on Friday, as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering.

CNBC

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