MOSCOW, March 16. /TASS/. The price of futures contracts of Brent crude oil for May 2020 delivery dropped by 12.7% on London's ICE since its previous closure to $29.52 per barrel on Monday for the first time since January 2016, according to the trading data as of 4:30 pm Moscow time.

The price of WTI is down 10.2% trading at $28.8 per barrel.

The ruble is weakening against the US and European currencies following the oil price drop, as the dollar exchange rate gained 3.65% to 75.25 rubles, while the euro exchange rate added 3.77% to 83.78 rubles.