Oil prices up on downed Russian jet

Turkey

ANKARA, November 24, 2015 – Following Turkey’s apparent downing of a Russian-made fighter jet along the Syrian border on Tuesday, oil prices rose on an anticipated escalation in tensions in the Middle East.

Ankara confirmed on Tuesday that the Turkish military had shot down a warplane that it said had violated Turkish airspace near the border, while Russian officials separately said a Russian plane had been downed in the area.

By 1240 GMT, West Texas Intermediate crude had risen 75 cents from Monday’s closing price to reach $42.50, while Brent futures for January rose more than $1 to reach $45.85 per barrel.

Officials in Moscow have not yet confirmed whether the jet was part of Russia’s air force.

The oil price was also boosted by a weaker dollar and a risk premium ahead of the US Thanksgiving long weekend.

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