Oil prices are getting a leg up on the back of geopolitical tensions after Turkey downed a Russian plane that strayed into its airspace, magnifying the impact of a possible cut in production from the Organization of the Petroleum Exporting Countries.
Russia is one of world's largest oil producer and the conflict that took place on the edge of Syria contributes significantly to the premium on oil, analysts say. This risk premium coupled with the possibility that second largest oil producer Saudi Arabia is finally ready to cut oil production at the OPEC meeting next week.
Saudi Arabia is the world's largest exporter of petroleum and a top oil producer.
Both U.S. WTI and Brent crude oil prices hit two-week highs after Russia's conflict with Turkey but have since come off on profit-taking.