The price of a barrel of American oil fell by more than a third on Monday. That decline is the largest since at least 1982.
The price drop of 38 percent meant that a barrel of American oil (of 159 litres) at the beginning of the afternoon was worth $ 11.33.
The sustained fall in the oil price is mainly because the demand for oil has plummeted due to the corona crisis.
A price war between Saudi Arabia and Russia on the oil market also resulted in much more supply of fuel.
The price of a barrel of Brent oil, the European indicator, fell less sharply. It fell by 6 percent to $ 26.39.
OPEC, Russia and other oil-producing countries agreed earlier this month to cut production by nearly 10 million barrels per day to boost prices. But that has had a little effect yet.