Oil prices have increased slightly due to rising tensions in the Middle East following the shooting down of a Russian military jet near the Syrian border.

Brent futures for January rose 67 cents to $45.50 a barrel, while the West Texas Intermediate (WTI) crude increased 68 cents at $42.43, Reuters reported.

SEB chief commodities analyst Bjarne Schieldrop told the news agency that the crash of a military jet warns of a sizeable risk in the Middle East.

"Turkish F-16s shot down the jet after repeatedly warning its pilots that they were violating the country’s airspace."

Military officials from Turkey said that Turkish F-16s shot down the jet after repeatedly warning its pilots that they were violating the country’s airspace.

In addition, the dollar value weakened from an eight-month peak compared to a basket of currencies, making it affordable for investors to buy more oil.

Investors are also watching for data to be released on US crude stocks data expecting a slight increase.

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A preliminary Reuters survey of five analysts revealed that for the week ended 20 November commercial crude oil stocks in the US gained 1.1 million barrels.

On Monday, the Saudi cabinet announced its decision to cooperate with Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to achieve market stability.