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Oil prices were already down 50% year to date on Friday. They plunged another 25% yesterday.
Fears of the coronavirus spreading means that more people are staying home.
And as fewer people travel, there's less demand for oil – which causes the price to fall.
One way the leading oil-producing countries fight falling demand is by slowing production.
If they're able to decrease the supply of oil as much as the demand for it, the price should stabilize.
That's exactly why OPEC and Russia met last week. They planned to make the biggest oil production cut since 2008.
Unfortunately, the two sides couldn't come to an agreement.