As Bloomberg informs, oil is ready to show the longest period of losses in four months after Saudi Arabia and Russia announced that they are discussing output increase, in order to reduce market anxiety, which drove prices to the highest level since 2014.

Brent futures that reached $80 a barrel last week declined today below $75 a barrel in London. Price of oil in New York went down by 3,1%.

Saudi Arabia and Russia informed about possible recovery of production that was cut in accordance with agreement between OPEC and its partners. Some producers are against such recovery. It seems that group meeting next month that will take place in Vienna will be tense.

Earlier this month oil grew up to the highest level in three and a half years after threats of supply disruptions from Iran and Venezuela. OPEC said that it reached its goal for surplus reduction in the market despite of record production in the US.

WTI oil prices with delivery in July dropped to $65,80 a barrel. On Friday price went down by $2,83 to $67,88. This was the biggest loss since July 5. Brent futures cost $74,49 a barrel today. Price on Friday went down to as low as $76,44 a barrel. Shanghai futures lost 4,1% and cost 457,7 yuan.