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WTI futures for May delivery fell 6.6 percent to $20.09 per barrel, closing at their lowest level since February 2002. The contract hit a session low $19.27 a barrel, down 10.4 percent.
The losses came despite President Trump telling "Fox & Friends" on Monday that he would hold a phone call later in the day to discuss low energy prices with Russian President Vladimir Putin.
Monday's slide comes after prices plunged Friday in response to Saudi Arabia saying it has not held talks with Russia regarding a “joint agreement to balance oil markets.”
Crude oil prices have crashed 68 percent this year as the price war between Saudi Arabia and Russia has added to a supply glut at the same time the COVID-19 pandemic has caused demand destruction.