U.S. expiring Feb crude futures drop more than $1

NEW YORK, Jan 20 (Reuters) - U.S. February crude oil futures prices extended losses to more than $1 on Thursday as the U.S. dollar bounced on news that first-time jobless claims were less than expected last week in the United States.

Initial jobless claims fell to 404,000 in the week to Jan. 15, against a consensus forecast for 420,000 claims. Claims were at 441,000 the previous week. [ID:nLLAKCE7AJ]

Oil prices had already been pressured ahead of the report by a late-Wednesday report of rising oil stockpiles and by concerns about China's inflation.

On the New York Mercantile Exchange, expiring February crude <CLG1> fell $1.16, or 1.28 percent, to $89.70 a barrel at 8:56 a.m. EST (1356 GMT), trading from $89.64 to $90.86.

NYMEX March crude <CLH1> fell $1.17 to $90.64 a barrel, trading from $90.57 to $91.80. (Reporting by Robert Gibbons; Editing by John Picinich)