Benchmark crude climbs over $1/bbl.
Oil prices are falling more than 3%.
The cartel must assess the impact of the new variant of the coronavirus on oil demand and prices.
Oil prices have recently hit seven-year highs but declined earlier this week.
Traders are buying up cheaper raw materials after the fall in the cost of futures of both brands following the previous session results.
Traders fear that the rapid spread of the new COVID-19 strain in Asian countries will force states to impose new quarantine restrictions.
Oil prices are decreasing amid fears over the spread of the coronavirus.
Oil price has increased by more than 40% since the beginning of this year.
Market pressure is also coming from concerns about the worsening epidemiological situation in other countries, including Japan and Brazil.
Oil prices are rising due to an improved forecast for demand for the current year by the Joint Technical Committee.
Investors continue to monitor the epidemiological situation in Asia and are also waiting for the OPEC+ meeting.
On Tuesday, Brent and WTI contracts fell to their lowest levels since February.