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Oil extended a surge from the lowest level in almost six years on speculation some investors are buying contracts to close out bearish bets. Gasoline rose as a refinery strike entered a second day.

West Texas Intermediate futures gained as much as 4.8% while Brent increased as much as 5% before paring those advances. Hedge funds and other speculators held the largest number of short contracts in WTI in four years. Oil rallied 8.3% on Friday as drillers pulled 94 rigs from U.S. fields last week, the most on record. Gasoline jumped to a five-week high.

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“The strike may tighten gasoline supply,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. “We are still getting support from Friday’s rig count. The fundamentals are changing.”

Oil prices fell to the lowest level since 2009 last month as the U.S. pumped the most in three decades and OPEC kept its own supplies unchanged to defend its share of the global market. The strike by oil workers at plants accounting for 10% of U.S. refining capacity continued Monday in the biggest walkout since 1980.