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Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.

Big U.S. banks made a pretty penny in trading during the first quarter as the coronavirus pandemic caused wild market swings, analysts said, but those gains will likely be overshadowed by declines in other businesses and a bleak outlook for the rest of the year.

Softbank Group Corp said on Monday it expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) in the financial year ended March due to the deteriorating performance of its tech bets.

Pou Chen Corp , the world's largest manufacturer of branded athletic and casual footwear for the likes of Nike and Adidas , has been ordered to suspend production at its Pouyuen Vietnam business over COVID-19 concerns, Vietnamese state media reported on Monday.

Norway, Western Europe's largest oil producer, will soon decide whether to slash its output and thus aid a global effort to shore up crude prices, the energy minister said on Monday.

Benchmark Brent oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.

Dubai's Emirates said on Monday it planned to operate limited passenger services to Algiers, Tunis, Jakarta, Manila, Taipei, Kabul and Chicago.

Russia's average oil production was down to 11.24 million barrels per day (bpd) on April 1-12, an oil industry source told Reuters on Monday.

U.S. stock index futures declined more than 1% on Monday after a strong rally last week, with investors bracing for the earnings season for further evidence of the coronavirus-led damage to Corporate America.

The Kremlin said on Monday that the global oil output deal clinched by OPEC and non-OPEC countries had helped stop oil markets sliding into chaos and would help support a more or less stable oil price dynamic.

Oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to head off oversupply as the coronavirus pandemic hammers demand.

Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

Global equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and its allies to cut output.

Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.

Major meat companies in the United States and Canada have closed plants temporarily due to cases of the new coronavirus and concerns about its spread.

Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.

The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining stagnant, the head of the Japanese petroleum industry said.

Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climb in volatile trade.

Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.

Kia Motors Corp told its labour union in South Korea that it wants to suspend operations at three of its domestic factories as the coronavirus outbreak weighs on exports to Europe and the United States, a union official said on Monday.