Russia's oil price in roubles has fallen to a two-year low below the 4,000 rouble per barrel mark and some 40% lower than planned in the federal budget, data showed, piling pressure on the Kremlin, already saddled with a burgeoning budget deficit.

"I think Russia, with the price of oil right now, oil has gone down, we are in a good position to settle, they want to settle. Ukraine wants to settle," U.S. President Donald Trump said.

Oil is down… I think we’re in a good position to resolve [the war],” Trump said, suggesting that both Russia and Ukraine are seeking a peaceful settlement. “Nobody would be negotiating if I weren’t president,

The US cut its forecast for domestic crude production this year even before oil’s latest plunge below $60 a barrel prompted shale drillers to start making plans to retrench.

Oil prices slumped again Monday, just days after OPEC+ announced it would accelerate production for the second month in a row, putting further pressure on the Trump administration’s “Drill, Baby, Drill” plans.

Oil prices slumped on Monday after OPEC+ countries announced a sharp production increase despite oversupply concerns and growing fears that US President Donald Trump's trade war could weaken demand.