Oil prices rose on concerns over the situation in the Middle East. Turkey reported today that it shot down the Russian jet near the Syria's border. The jet should have violated Turkish airspace.

Russia's defence ministry said the jet did not violate Turkish airspace. Russian President Vladimir Putin said that Turkey's action was a "stab in the back by the terrorists' accomplices" and that this action would have serious consequences.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

WTI crude oil for January delivery climbed to $43.46 a barrel on the New York Mercantile Exchange.

Brent crude oil for January rose to $46.12 a barrel on ICE Futures Europe.