Crude oil prices in 2021 are 12 percent down for the month, and down by 18 percent from the kind of highs it saw this year. However, it is still up 46 percent for the current year so clearly, the volatility has been quite high.

The global oil consumption is a number to watch out for - this year is 96.9 million barrels per day, next year is expected to be higher at 100.46 million barrels per day - that clearly has been a supportive factor there.

However, OPEC says that the first quarter of next year is expected to be slightly sluggish.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

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