Oil price jumped after Russia and Saudi Arabia decided to extend agreement in regards to managing the market, while Canadian province, the leader in oil production, announced output cuts to fight energy crisis in the country, Bloomberg reports.

Prices retreated a little bit after Qatar said that is going to leave OPEC in the beginning of next year.

After the worst month for oil market in a decade, futures in New York and London gained more than 5%. Preliminary talks between Russia and Saudi Arabia can result in full-scale agreement on output cuts during the meeting in Vienna, which will take place this week. Meanwhile, Provice of Alberta decided to restrict production by 325000 barrels per day in effort to ease energy crisis in the country.

WTI oil gained 5,7% to $53,85 barrel. Last month it lost 22% of its value. Brent oil gained Brent 5,3% to $62,60 per barrel.