Reuters

A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday - and so far there is little sign of a repeat of the historic plunge.

Asian shares crept ahead on Monday and oil prices hit a five-week high as more countries re-opened their economies, stirring hopes the world was nearer to emerging from recession.

Oil prices jumped by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.

Shares of SK Hynix , the world's No.2 memory chip maker after Samsung Electronics , fell 3.2% on Monday after the United States on Friday moved to curb shipments of semiconductors to Huawei from global chipmakers.

The United States needs to quickly revise its coronavirus aid program for small businesses to extend the eight-week period in which the law currently requires companies to spend the money, a key U.S. senator said on Sunday.

General Motors Co signaled that it was tentatively planning to restart operations at its auto assembly plant in the Mexican city of Silao on May 20 after the coronavirus outbreak stalled production, according to a message to workers seen by Reuters.

U.S. House Speaker Nancy Pelosi said on Sunday there will be negotiations on the new $3 trillion coronavirus relief legislation passed by the Democratic-controlled House of Representatives and that Democrats have "no red lines."

U.S. Senator Amy Klobuchar on Sunday blasted merger talks between ride-hailing firm Uber Technologies Inc and online food delivery company Grubhub Inc , calling any deal bad for competition and consumers.

The United States is expected to revise its aid program for small businesses to cope with the economic fallout of the coronavirus outbreak, the Wall Street Journal reported on Sunday.

Federal Reserve Chairman Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.

Emirates Group is planning to cut about 30,000 jobs to reduce costs amid the coronavirus outbreak, which will bring down its number of employees by about 30% from more than 105,000 at the end of March, Bloomberg News reported on Sunday.

Federal Reserve Chairman Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.

India's Reliance Industries on Sunday announced U.S. fund General Atlantic will invest 65.98 billion rupees ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month.

Senior British government minister Michael Gove said on Sunday there was a post-Brexit trade deal to be done with the European Union providing the bloc agreed to compromise, days after both sides said talks were making little progress.

Emirates Group plans to cut about 30,000 jobs to reduce costs amid the coronavirus outbreak, reducing employees by about 30% from more than 105,000 at the end of March, Bloomberg News reported, citing people familiar with the matter.

Indian conglomerate Reliance Industries said on Sunday U.S. fund General Atlantic will buy 1.34% of its Jio Platforms digital unit for 65.98 billion rupees ($870 million).

Indian conglomerate Reliance Industries said on Sunday equity firm General Atlantic will buy 1.34% of its digital unit for 65.98 billion rupees ($870.25 million).

Temporary unemployment schemes operating across Europe could struggle to save the jobs of leisure and travel sector workers facing drawn-out or partial recoveries from the COVID-19 pandemic, even if they help industries that rebound quickly.

China's commerce ministry said on Sunday it is firmly opposed to the latest rules by the United States against Huawei and will take all necessary measures to safeguard Chinese firms' rights and interests.

Walt Disney Co will partially reopen its Disney Springs entertainment and shopping complex at Walt Disney World Resort in Florida on May 20, it said late on Saturday.