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Oil prices rise as instability in Middle East increases

Turkey claimed responsibility for the shooting down, saying that the plane had violated its airspace.

"News of a military jet crashing in Syria is a reminder that there is still substantial risk in the Middle East," Bjarne Schieldrop, the Olso-based chief commodities analyst at SEB bank told Reuters news agency, which also said that a weaker dollar was providing an incentive for investors to buy more oil.

Commenting on the news, RAC Fuel Watch spokesman Simon Williams said: “The increasing instability in the region may have an impact on world oil prices, as conflict is known to unsettle traders. If there is a negative impact in terms of the oil price rising, the question is how long it will last.

“Any increase is likely to be a short-term given that the overall picture is that the world is still producing more oil than it needs, which is keeping the barrel price down. While oil prices are not the only factor that affects pump prices, they are the most significant, so we hope that any related rise in the price of petrol and diesel is only temporary, especially as we are not far from some retailers offering unleaded for £1 a litre.”

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Natalie Middleton

Natalie has worked as a fleet journalist for 16 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.