U.S. oil prices plunged more than 100 percent and turned negative on Monday as traders unloaded positions ahead of the May contract's Tuesday expiration amid the coronavirus-fueled demand shock.

The price of a barrel of U.S. oil fell sharply during Monday's trading by more than 306%, recording the lowest level in its history.

Reuters reported that U.S. crude futures tumbled 306% as the price of a barrel was -$ 37.63 below zero. This is the lowest level recorded by U.S. crude, "West Texas Intermediate" in its history. Brent crude futures fell 9.2 percent to $25.43 a barrel.

West Texas Intermediate crude for May delivery shed about 135 percent to trade at -6.39 U.S. dollars per barrel at one point on the New York Mercantile Exchange.

With the actual depletion of oil demand, a global defecit has emerged in the supply, while billions of people around the world say home to stop the spread of the coronavirus.

Experts attributed the decline to the drop in demand for crude due to the spread of the coronavirus, and the proximity of U.S. oil depots to fullness.

The collapse in the oil market comes amid a state of economic stagnation due to the repercussions of the spread of the coronavirus, and the measures taken to combat it.

The International Monetary Fund warns that the world's economies are in a downward spiral that will be the deepest since the Great Depression of the 1930s.

The havoc COVID-19 pandemic wrecked across the world has translated into plunging oil prices. Traders are also becoming increasingly concerned that oil storage facilities are reaching their limits as stockpiles continue to build owing to the crashing demand caused by the surging number of confirmed cases.