President Donald Trump said Monday the US would take advantage of the historic drop in oil prices to buy 75 million barrels to replenish the national strategic stockpile.

"We are filling up our national petroleum reserves... You know, the strategic reserves. And we are looking to put as much as 75 million barrels into the reserves themselves," Trump told reporters at his daily coronavirus press conference.

Oil prices crashed into negative territory Monday after coronavirus lockdowns around the globe shrivelled demand.