Crude oil and global stock markets plunged as growing fears of the coronavirus wreak havoc on the economy, forcing the U.S. to temporarily halt trading on Monday.

Photos: The Coronavirus Hits the U.S. View All 14 Images

Oil prices drastically fell as Saudi Arabia, Russia and other major oil producers failed to agree to cut oil production in an effort to contain the drastic decline in oil prices sparked by concerns over the coronavirus.

U.S. oil prices fell as much as 34% to a four-year low of $27.34 a barrel. Crude was trading down 27% to $30.04 a barrel and Brent crude, the global benchmark, dropped 26% to $33.49 a barrel. Both on track for the worst day since 1991, CNN reported .

On Wall Street , the S&P 500 fell more than 7.2% and the Dow fell about 7.8%, or about 2,000 points. The Nasdaq composite was down about 7.1%, forcing the market to temporarily suspend trading.

Global markets also suffered amid the panic caused by the virus. Australia's S&P/ASX 200 ended 7.3% lower on Monday, the market's biggest decline since October 2008. Japan's Nikkei 225 fell 5% and Hong Kong's Hang Seng lost 4.2%. China's Shanghai Composite fell 3%.