New York/Hong Kong (CNN Business) US oil prices crashed Monday to a record low as the market continues to be roiled by an epic collapse in demand caused by the coronavirus pandemic. Global stocks are mixed as investors brace for more companies to reveal how much the crisis is costing them.

US oil futures were down below $0 a barrel, their worst level since NYMEX opened oil futures trading in 1983. Monday's plunge comes after prices hit an 18-year low last week as markets realized that record output cuts agreed by OPEC, Russia and other producers aren't nearly enough to offset the loss in demand.

"It hasn't taken long for the market to recognize that the OPEC+ deal will not, in its present form, be enough to balance oil markets," wrote Stephen Innes, chief global markets strategist at AxiCorp, in a research note.

The May futures contract for West Texas International is about to expire , and frantic last minute trading is compounding concerns about how much oil the United States will be able to store as demand dries up, according to Bjornar Tonhaugen, head of oil markets at Rystad Energy. He said that is leading to these "large price swings."

US oil futures for June fell more than 12% to $21.87. Brent, the global benchmark, slumped 3.9% to just below $27 a barrel.