As of 01.19 a.m. Moscow time on Monday (22:19 GMT), the price of June futures for Brent crude oil fell by 9.02 percent to $31.69 per barrel.
The price of May futures for WTI crude fell by 10.39 percent to $25.96 per barrel.
Global oil prices suffered a major decline after the coronavirus pandemic and the measures taken to combat it halted major parts of countries' economies around the world, thus severely reducing demand for the natural resource.
The price tag for a barrel slipped even lower, reaching levels previously seen back in 2002, after members of the OPEC+ deal failed to negotiate an extension to the production cuts. Restrictions were lifted as the deal expired at the end of March, leading to a collapse in the market.