Oil rose for a third day on speculation that monetary policy makers will act to spur economic growth, boosting fuel demand.

Futures climbed as much as 2.3 percent after Federal Reserve Bank of Atlanta President Dennis Lockhart said a fragile recovery may require more stimulus. European Central Bank President Mario Draghi said officials stand ready to act as the euro region’s expansion outlook worsens. Oil pared its advance after the Energy Department said inventories of crude oil slipped 111,000 barrels to 384.6 million last week. Supplies were forecast to shrink 500,000 barrels. Stockpiles declined from a 22-year high.

Oil for July delivery rose to $66.27 a barrel on the New York Mercantile Exchange. Brent oil for July settlement gained $1.95, or 2 percent, to $100.79 on the London-based ICE Futures Europe exchange.