To offset some of the severe losses suffered during the previous session, oil prices rose by more than two percent, as large producers prepare to discuss how to interact with the threat to fuel demand posed by the omicron mutant.

Brent crude futures rose $1.90 by 2.7 percent to $71.13 per barrel by 0504 GMT after falling 3.9 percent.

U.S. West Texas Intermediate crude futures rose $1.71 or 2.6 percent to $67.89 per barrel after falling 5.4 percent yesterday.

Commenting on the case of oil markets, Chief Retailer Sunil Katki of Cuttack Skywrights said that "Since the United States and other States have agreed to use emergency stocks to control rising prices, and as prices have already fallen from $85 per barrel to nearly $70, OPEC Plus may reconsider its strategy."

"There is a potential for this, given the new corona virus mutant and its impact on global demand, particularly in the aviation sector," he added.

Even if OPEC Plus agrees to move ahead with the planned supply increase in January, producers may find it difficult to add that much.