Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand.

Iran PressEurope: Brent crude futures rose 37 cents to $79.26 a barrel. WTI crude futures rose 33 cents to $76.27 a barrel. 

Prices of the Brent and US West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest levels since Oct. 1. 

The discussions have come after the US government was unable to persuade the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, to pump more oil with major producers arguing the world was not short of crude. 

The producer group agreed this month to stick to plans to raise oil output by 400,000 barrels per day (BPD) from December. Oil prices rose after Bloomberg News reported that OPEC+ may alter plans to keep boosting production, citing delegates.

Reuters has not verified the report. "OPEC is sending a signal that if these players do this, they have some barrels they can withhold and will offset the impact of a release," said Phil Flynn, senior analyst at Price Futures in Chicago.