SEOUL, Nov 25 (Reuters) - U.S. crude oil futures dipped on Wednesday on profit-taking after the prices rallied to a two-week high on the previous session due to heightening geopolitical tensions in the Middle East with Turkey's downing of a Russian warplane.
U.S. crude's West Texas Intermediate (WTI) futures CLc1 shed 16 cents or 0.37 percent at $42.71 a barrel as of 0054GMT. It finished the previous session up $1.12, or 2.7 percent, at $42.87 after hitting $43.46 earlier, its highest since Nov. 11.
Brent LCOc1 settled up $1.29, or 2.9 percent, at $46.12 a barrel, after hitting a two-week high at $46.50.
Turkey shot down a Russian warplane near the Syrian border on Tuesday, saying the jet had violated its air space. Russian President Vladimir Putin said the plane warned of "serious consequences" for what he termed a stab in the back administered by "the accomplices of terrorists". urn:newsml:reuters.com:*:nL8N13J14S
U.S. President Barack Obama and French President Francois Hollande pressed Russia on Tuesday to focus its attacks in Syria on Islamic State (IS) militants. urn:newsml:reuters.com:*:nL8N13J5ER
The United States and France separately agreed on Tuesday to ramp up military operations against IS in Syria and Iraq and coordinate intelligence on domestic threats following the worst attacks to hit France since World War Two. urn:newsml:reuters.com:*:nL1N13J1MA
Regarding the U.S. crude oil inventories, industry group the American Petroleum Institute data showed on Tuesday that the inventories rose by 2.6 million barrels in the week to Nov. 20 to 488.3 million, compared with analysts' expectations for an increase of 1.2 million barrels. API/S EIA/S
Asian stocks were mixed in early trading on Wednesday. The U.S. dollar was lower, hurt in part as the latest flare up in geopolitical tensions generated demand for safe haven Treasuries and drove their yields lower. The dollar index .DXY retreated from an 8-month peak of 100.000 set on Monday. MKTS/GLOB