Brent oil futures with delivery in June 2020 dropped by 12.72 per cent to $21.76 a barrel on the London-based ICE on Monday, Russian news agency Tass reported.

The last time Brent oil futures were below the level of $22 a barrel in March 2002.

WTI futures prices fell 6.56 per cent to $20.1 per barrel.

The Russian currency is weakening against the dollar and the euro on the back of plummeting oil prices. The dollar at the same time rose by 1.3 per cent to 79.85 roubles on the Moscow Exchange. The euro rose by 0.43 per cent to 88.11 roubles.