The price of US WTI oil on the London ICE exchange fell below $ 15 per barrel for the first time since 1999, BBC reported.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday.

Last week, OPEC + countries agreed to reduce oil production by 9.7 million barrels per day. The US joined the agreement for the first time. Saudi Arabia and Russia agreed to cut production by 2.5 million barrels per day in May and June. Due to reductions, the countries expected to achieve a sharp increase in oil prices, but a number of analysts believe that production should be limited even more.

"It hasn't taken long for the market to recognise that the Opec+ deal will not, in its present form, be enough to balance oil markets," said Stephen Innes, chief global market strategist at Axicorp.