Oil prices today rose more than four percent recouping a big chunk of the previous session's steep losses. The crude prices rose as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant of the coronavirus.

In intra-day trade, Brent crude was trading around 72 dollars and 50 cents per barrel while WTI crude prices were at 69 dollars and 15 per barrel.