WTI futures for May delivery were down as much as 7.3 percent at $19.92 a barrel on Sunday evening and on track for their lowest close since February 2002 before trimming their losses.

The contract, which previously traded below $20 during the current downturn but did not close below the level, was lower by 5.1 percent at $20.42 a barrel on Monday morning.

The slide comes after prices plunged Friday in response to Saudi Arabia saying it has not held talks with Russia regarding a “joint agreement to balance oil markets.” Read more at FOX Business