West Texas Intermediate futures for November delivery rose to $50.26 (+1.68%), while Brent crude advanced to $53.76 (+1.34%) amid concerns that escalating tensions in Syria could harm oil supply from the region.

Syria is not a crude producing country and global supply remains ample, however market participants are concerned about longer term impact on supplies from the Middle East.

Rumors of possible cooperation between various oil producing countries have also supported prices. Investors will be looking for any signs that any producer is ready to start cutting output to support prices.