Feb 2 (Reuters) - Crude oil extended its gains in Monday's post-settlement trade, with Brent crude trading above the key $55 a barrel mark in follow-through buying after Friday's rally.
Brent was up $2.03 at $55.02 a barrel by 5:16 p.m. ET (2216 GMT). It had settled up $1.76, or 3.3 percent, for the session, at $54.75.
U.S. crude rose 1.59 to $49.83 a barrel. It had closed the session up up $1.33, or 2.8 percent, at $49.36.
Oil prices have gained a total of 11 percent over two straight sessions, as some investors bet that a bottom had formed to the seven-month long rout on the market even as others remained pessimistic. (Reporting By Barani Krishnan)