Oil Surges Past $66 a Barrel on Potential Lower Inventories

rude oil rose to more than $66 a barrel Tuesday on the New York Mercantile Exchange, a seven-week high, Bloomberg reported.

Benchmark light sweet crude closed at $66.07 on the Nymex, up $1.89 from Monday’s closing price, Bloomberg reported.

The gain was in part due to speculation that the Department of Energy’s weekly report due out Wednesday will show that gasoline inventories fell for a fourth week, Bloomberg said.

DOE’s report is expected to show that refineries are performing maintenance before the peak-demand summer months, Bloomberg reported.

Another factor in Tuesday's higher prices was continued signs of economic growth in the United States and Europe, Bloomberg said.