Crude futures surged more than 2% amid intensifying global political discord, after Turkey downed a Russia fighter jet on the Syrian border on Tuesday morning. On the New York Mercantile Exchange, WTI crude for January delivery traded in a broad range between $41.84 and $43.45 a barrel, before settling at $42.92, up 1.17 or 2.80% on the session. At one point on Tuesday, Texas Long Sweet futures reached their highest level in two weeks before paring some of the gains late in the session.
After slipping below $39 a barrel last week, the front month contract for U.S. crude has jumped by more than 6% over the last two sessions. On the Intercontinental Exchange (ICE), brent crude for January delivery wavered between $44.93 and $46.49 a barrel before settling at $46.16, up 1.33 or 3.00% on the day.
With the considerable gains, North Sea brent futures moved above $46 a barrel for the first time in nine sessions. Meanwhile, the spread between the international and U.S. domestic benchmarks of crude stood at $3.24, above Monday's level of $3.08 at the close of trading.
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