Oil price recovered to $51 per barrel level in New York after news that Russia agreed to cut output together with OPEC, Bloomberg reports.

WTI oil is close to show more than 21% losses this month, which might be the worst one since the Great Depression of October 2008.

Meanwhile, price drop below $50 per barrel was a signal for some traders to buy, as they think that such decline will hit financial position of American drilling companies. This will put upward pressure on the prices.

WTI oil gained 2,6% to $51,03 per barrel. Brent oil is traded for $59,24 per barrel. Gasoline price gained 1,4% to $1,4172 per gallon.