Oil Climbs Over $101 a Barrel


 UPDATED:
12/27/2011 3:00:00 PM
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Larry Smith/Trans Pixs

Oil rose to more than $101 a barrel Tuesday mornning after taking its biggest gain in two months last week, Bloomberg reported.

Crude futures rose $1.66 to finish the trading day at $101.34 a barrel on the New York Mercantile Exchange, after gaining more than $6 last week, Bloomberg said.

Futures closed at $99.68 on Friday and the Nymex was closed on Monday to observe Christmas.

The price has been climbing on speculation the U.S. economy will continue improving, Bloomberg reported.

The Department of Energy will release its weekly survey of diesel and gasoline prices later Tuesday, due to the holiday Monday.

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