Oil prices soared Tuesday after Turkey shot down a Russian warplane in Syria for alleged airspace violation.
Turkey shot down a fighter jet claimed by Russia, signifying the tension in the Middle East may intensify. Traders said the escalating tension in Syria had little impact on oil supply. They contributed the market rally to the knee-jerk reaction to headlines amid thin trading volumes before the Thanksgiving holiday.
Traders are closely watching the next gathering of the Organization of the Petroleum Exporting Countries (OPEC) scheduled for Dec. 4 in Vienna. OPEC maintained it output quota of 30 million barrels per day at June's meeting.
The cartel's output is accounted for around 40 percent of the global crude output. The West Texas Intermediate for January delivery moved up 1.12 U.S. dollars to settle at 42.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 1.29 dollars to close at 46.12 dollars a barrel on the London ICE Futures Exchange.
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