Monday's unprecedented meltdown in oil prices, with front-month NYMEX WTI futures diving deep into negative territory as Tuesday's expiry of the May contract neared, was the exclamation point on what many OPEC+ delegates have described as an alarming and depressing ride.

The Dow Jones Industrial Average fell 631.56 points, or 2.67%, to 23,018.88, the S&P 500 lost 86.6 points, or 3.07%, to 2,736.56 and the Nasdaq Composite dropped 297.50 points, or 3.48%, to 8,263.23.

MSCI's broadest index of Asia-Pacific shares outside Japan fell as much as 1% before erasing losses to last stand at 0.4% higher while Japan's Nikkei slumped 0.7%.

Podcast/Audio - Significant power price drops as a result of oversupply, congestion and decreasing demand, with renewable curtailments increasing.

Brent crude for was down 48 cents, or 1.9%, at $25.09 per barrel, WTI was up $38.99 in thin trade at $1.36 a barrel

NYMEX May WTI settled at minus $37.63/b, down $55.90 from Friday.

Brent was down $1.12, or 4%, at $26.96 a barrel, WTI fell $4.79, or 26.2%, to its lowest since March 1999 at $13.48,

Spot gold was down 0.2% to $1,680.46 per ounce

Australia's S&P/ASX 200 index fell 2.5% or 134.50 points to 5,353.00 at the close of trade.

Brent rose by 50 cents, or 1.8%, to $28.32 a barrel, WTI tumbled by $1.27, or 6.4%, to $18.60

Saudi Arabia and Russia are strongly committed to implement the agreed target cuts over the next two years

U.S. petroleum demand declined to 19.4 million barrels per day (mb/d) in March, which was a 4.6% decrease from February

Saudi Aramco will cut oil supplies in May by almost 4 million b/d,

Brent was down 19 cents, or 0.7%, at $27.50 a barrel, WTI was up 7 cents, or 0.4%, at $19.94.

Brent fell $1.19, or 4%, to $28.41 a barrel, WTI slid 45 cents, or 2.2%, to $19.66.