Oil is recovering six-weeks losses, as perspective for OPEC’s production cut outweighs signs of increasing output of American oil, Bloomberg reports.

Futures in New York gained 1,5% after falling as much as 6,2% last week. US output grew to the highest level in more than three years, while OPEC returned to discussing production limits. Saudi Arabia informed that producers might cut output by 1 million barrels per day.

WTI oil price is $57,19 per barrel. Brent oil is traded for $67,41 per barrel. Last week it lost 4,9%.

Members of OPEC will meet in Vienna next month to discuss further strategy.

Meanwhile, Cboe/Nymex Oil Volatility Index fell by more than 3% on Friday, showing third day of decline.