ExxonMobil capital investments for 2020 are now expected to be about $23 billion, down from the previously announced $33 billion.

Asia's markets in Seoul, Shanghai and Hong Kong opened higher, then pared gains.

A very large economic contraction is, however, expected to be recorded in the June quarter and the unemployment rate is expected to increase to its highest level for many years.

The Dow Jones Industrial Average .DJI fell 410.32 points, or 1.84%, to 21,917.16, the S&P 500 .SPX lost 42.06 points, or 1.60%, to 2,584.59 and the Nasdaq Composite .IXIC dropped 74.05 points, or 0.95%, to 7,700.10.

At the close, the Shanghai Composite index was down 0.57% at 2,734.52.

China's oil product consumption over the first two months of 2020 dropped 14.1% year on year to 41.94 million mt.

Many manufacturing operations in India were forced to halt to contain the spread of the virus and production has seen a decline, especially among automakers, with the outbreak affecting supply chains.

The benchmark Nikkei average fell 4.5% to a one-week closing low of 18,065.41. However, overall trading was subdued, with the volume of shares traded on the main board valued at 2.72 trillion yen, its lowest level in a month.

Putin and Trump discussed the oil market at a time when prices continue to tumble due to the collapse of the OPEC+ crude production cut agreement, and the major economic impact of the coronavirus pandemic.

The economic fallout from COVID-19 is likely to get “much worse” before it gets better for some six billion people living in developing economies, the UN said on Monday, in an appeal for a $2.5 trillion rescue package to boost their resilience to further hardship.