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,

When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter.

U.S. oil prices fell to $57 a barrel after the OPEC Plus cartel said this weekend that it would pump more oil.

Oil prices dropped Monday, as the Organization of the Petroleum Exporting Countries and its allies agreed to boost output again in June, raising concerns about a potential oversupply at a time when markets are grappling with the uncertainties of a global trade war.