Oil price went lower than level $64 a barrel, while Russia and Saudi Arabia are getting ready to stand against alliance of oil producers in regards to output increase issue, and China and the US continue exchanging threats on trade, Bloomberg reports.

Futures in New York fell as much as 2,3% to the lowest level since April 9. On Friday they lost 2,7%. Iran announced that it will join Iraq and Venezuela in blocking proposal on production increase during meeting in Vienna this week. China promised to apply tariffs to a whole row of American goods including oil and gasoline in response to US tariffs on $50 billion Chinese import products.

Oil already lost more than 10% of its value in comparison with high levels in May.

Price of WTI oil with July delivery fell to $63,59 a barrel today. Brent oil with August delivery declined to $72,45 a barrel.

OPEC and partners can increase output by 500000-1500000 barrels a day. However, the decision shall be unanimous.