Oil prices extended gains on Tuesday after Monday's"presidential homecoming" triggered a big rally and lifted investor sentiment alongside worker strikes in Norway and a hurricane in the US.
Brent crude leapt 6% to $41.5 a barrel and US benchmark West Texas Intermediate jumped 6.3% to $39.5 on Monday, recovering the lion's share of the heavy losses late last week. A worker strike in Norway's oil and gas industry and the start of evacuations in the Gulf of Mexico ahead of the expected Hurricane Delta helped lift prices on Tuesday.
However, an OANDA analyst warned that betting on Brent's rise to $44, or WTI near $42, would be a"painful trade."
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