The governor of Oklahoma, J. Kevin Stitt, has urged the US President Donald Trump to declare the COVID-19 pandemic an "act of God" to help the oil-producing.

The oil prices in the US hit a record low of below $2 a barrel last week, as the demands collapsed due to the coronavirus pandemic.

"Over-production of oil continues to threaten the economy," Governor J. Kevin Stitt said in a letter to Trump that Stitt posted on Twitter late on Saturday.

The US marker West Texas Intermediate (WTI) lost 89.87%, sinking to US $1.85 a barrel, on May contract, the lowest level since the launch of contract in 1983. It is still fluctuating and trading just above $2/barrel at 1:45 pm EDT. 

The crash in oil prices came on warnings that crude oil storage could fill up within weeks as demands are hit due to lockdown across the world over coronavirus pandemic.

Stitt also added, if the POTUS declared the pandemic as an act of God, this will help "force majeure" or "act of God"  oil companies to halt operations without risking the land leases being cancelled for stopping production.

According to AFP, the steep decline was driven by investors closing out their positions ahead of the May contract expiry on Tuesday. Those holding the contracts will have to take physical delivery of the contracts even as they face storage issue. 

WTI for June delivery was also down 10% at US $22.62. The European benchmark contract - London Brent North Sea oil - for June delivery was down 6.3% at US $26.30 per barrel.

Brent crude, the international market, dropped 6.16% to $26.35.

The global coronavirus deaths crossed the 1.7 lakh mark last week with the United States registering the highest death toll of over 42,000. The death toll in France has crossed the 20,000-mark while the total number of positive COVID-19 cases in Spain topped the 2 lakh-mark.