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West Texas Intermediate crude oil tumbled Monday, down 28 percent or $5.15 to $13.12.
These are levels not seen since 1999.
Brent crude, the international standard was down $1.01 to $27.06.
Economies are suffering as countries try to slow the spread of coronavirus by shutting down all activities.
Last week, China reported its gross domestic product shrank for the first time since people started keeping records in 1992.
Slower economic growth means there will be less demand for oil and its byproducts, including gasoline and jet fuel.
In a report out Thursday, OPEC said global demand will fall by 6.9 million barrels per day amid the COVID-19 pandemic. In a separate report out Wednesday, the U.S. Energy Information Administration said 9.3 million barrels per day of demand has been zapped.
FOX Business' Jonathan Garber contributed this this article.