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.

Gold is going up by the weakening of the dollar against most world currencies, as well as the uncertainty associated with the debt problems of the eurozone.

At the same time, experts say that demand for the metal may be reduced by such a major global importer of gold as India, where the prices on the local currency approached a record high, especially after the devaluation of the rupee against the dollar over the past few months.

Increase in gold prices last week caused an increase in scrap gold sales in India and other Asian countries. The decline in stock markets and high interest rates drove investors to sell gold in India, said the president of the Bombay Association Gold Pritviradzh Kothari.

Today, June gold futures on the COMEX rose to 1639.0 USD/Oz (1.2%).

Change % Change Last

Gold 1,618 +4 +0.27%

Oil 84.07 +0.09 +0.11%