- 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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Oil prices extended gains on Tuesday, following Monday’s explosive rally that followed President Donald Trump leaving the Walter Reed National Military Centre to return to the