Crude oil futures bounced back on Tuesday, posting its largest one-day gain in three weeks, amid concerns that the conflict in Syria will escalate and there were possibility of disruptions to energy output in the region, after Turkey said it shot down a likely Russian jet after it crossed into Turkish airspace. Meanwhile, NATO called an emergency meeting on Tuesday afternoon after the Turkish F-16 jet plane shot down the Russian jet.
Benchmark crude oil futures for January delivery surged by $1.17 or 2.80 percent to $42.92, after trading in a range of $41.84 and $43.45 a barrel on the New York Mercantile Exchange. In London, Brent crude for January delivery closed at $46.16, up by $1.33 or 3.00 percent on the ICE.