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Futures for Crude Oil Gain on Thursday

May 21, 2015 at 22:35 by Vladimir Vyun

Prices for crude oil soared due to easing concerns about oversupply on the market. Tensions in the Middle East also played their part in propelling futures higher.

The Energy Information Administration reported that US stockpiles of crude declined by 2.7 million barrels 482.2 million last week. It was a bigger drop than 1.3 million decrease predicted by experts. Still, the reserves remained at the record level for this time of year.

Turning to the Mideast, Islamic State seized the Syrian city of Palmyra, and according to estimates ISIS fighters control about 40 percent of Syrian territory now. Yet analysts think that the conflict should not have a big impact on global energy markets as Syria is a relatively minor oil producer.

July contract for delivery of WTI crude oil went up 2.95 percent to $60.72 per barrel as of 22:31 GMT on NYMEX today. July futures for Brent crude gained 2.23 percent to $66.48 per barrel on ICE.

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