Oil price grew after record period of losses, as Saudi Arabia announced that it will cut sales in December, Bloomberg reports. Besides, the probability of another output cuts on behalf of OPEC and its partners has been growing.

Futures in New York gained 1,5% on Monday, after they lost almost 20% in past month. Leading OPEC’s producer Saudi Arabia will cut export by 500000 barrels per day next month. After meeting over weekend OPEC also said that the organization might need a new strategy in 2019.

WTI oil price increased to $61,08 per barrel. On Friday it fell by 0,8% to $60,19, demonstrating tenth day of decline. Brent futures are traded for $71,33 per barrel.

Decline in demand was probably caused by season factors, market participants assume.

Saudi Arabia meanwhile might have problems with persuading other partners to reduce output. Iraq increased production to the record level, and current economic situation can force governmental officials to keep with this output volume. Russia also do not show signs of willingness to cut production.

Producers need prices that would help them to balance their budgets and stimulate demand at the same time.