Oil is traded at price below $51 per barrel due to concerns that record output in Saudi Arabia will create excess in supply, Bloomberg writes. Besides, US President keeps calling for lower oil prices.

Futures in New York stopped declining after they lost 7,7% on Friday and fell to the lowest level in more than a year. Donald Trump keeps insisting on price decrease even though US oil showed the largest drop since January 2016 last week.

Saudi Arabia announced last week that it raised output above 10,7 million barrels, however do not foresee any surplus of supply at the market.

Now attention will be focused on nearest OPEC meeting in Vienna, where members of OPEC might agree on production cuts. However, some major decisions can be also made at summit in Argentina that will take place later this week.

WTI oil price is $50,80 per barrel. Last week it fell by 10,7% to $50,42 per barrel. Brent oil is traded for $59,47 per barrel.