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.

In its annual report on the renewable energy market, an IEA report revealed that renewable energy is expected to account for about 95 per cent of the increase in the world's electricity production capacity between now and the end of 2026, with solar energy contributing half of that increase.

After President Ragab Tayyip Erdogan repeated his defense of a new economic model based on lower interest rates despite an inflation rate of close to 20 percent, the Turkish lira hit its all-time low at 14 to the dollar.

The Turkish lira recorded 13.87 against the dollar at 2014 GMT, down from 12.8010 on Monday's closure.

It should be noted that the lira lost more than 46 percent of its value this year.

Leading up to the general elections, the country is moving towards economic recovery, along with successive steps to stabilize Libya politically