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Crude:

Downward pressure on the oil market was strengthened by the shooting down by Turkey of a Russian fighter jet on the Syrian border. But reports that Russia is not taking military action against Turkey in retaliation eased fears that the tense situation in the region could escalate and disrupt Middle East oil supplies.

OPEC member Iran stands on the position that it would not negotiate with the cartel over a planned half million barrels per day oil production hike once sanctions are lifted. Officials in Tehran have made it clear that Iran will add 500,000 barrels a day to its production within a week after the lifting of the sanctions and raise it by at least another 500,000 bpd within six months. The country also plans to boost oil production to 5.7 million barrels a day and gas output to 1.4 billion cubic meters a day by 2021. This week the market will also monitor the meeting of the Federal Reserve, when policymakers are expected to lift US interest rates for the first time in almost a decade. A hike would likely boost the dollar, making oil priced in the US unit more expensive for holders of weaker currencies.

The number of rigs targeting oil in the U.S. fell by 9 to 555 in the week through Nov. 25, the lowest level since June 2010.

Bunker Market:

Stable market. Still oversupply in ARA and no loading problems reported.

Dutch time: 11.05 hrs

Fuel oil RMG 380 HS: 3.5%: USD 192-195

Marine Gas Oil DMA .89/ LS 0.1%: USD 382-386

ULS fuel oil: USD 355-360.