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Asian markets on Friday looked to latch onto Wall Street's overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession.

U.S. stocks rallied on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut in oil output drove gains, taking some sting out of a shocking jump in Americans filing jobless claims due to coronavirus-led lockdowns.

Recent negotiations involving leaders from OPEC nations and the United States will prove irrelevant for oil prices, which are low because of depressed demand, the chief executive of Brazil's Petrobras said on Thursday evening.

Major U.S. retail sector companies on Thursday moved to allay health and safety concerns of staff working at warehouses and stores through the coronavirus pandemic by promising face masks, gloves and sanitizers.

Benchmark U.S. crude fell more than 1% in early trade on Friday, coming off its biggest one-day gain in the previous session after U.S. President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil production cut.

Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.

Walt Disney Co said on Thursday it will start furloughs of non-essential U.S. employees across the company on April 19, a response to the global coronavirus outbreak that has shut down or disrupted its media and theme park businesses.

Desperate to sell pricey spring looks during the coronavirus lockdown, retailers are turning to social media to show their latest styles in somber, stay-at-home settings.

Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence.

Oil prices fell on Wednesday after U.S. crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic.

The Federal Reserve's balance sheet increased to a record $5.86 trillion this week and the central bank reported greater use of some of its newly launched liquidity facilities, all part of its efforts to keep markets functioning smoothly amid heightened volatility related to the coronavirus pandemic.

JPMorgan Chase & Co emailed many small business customers on Thursday to tell them it is still awaiting federal guidance on the small business loans program Congress approved last week, and it may not be ready to accept applications when the program launches on Friday.

Tesla Inc said on Thursday production and deliveries of its Model Y sport utility vehicle was significantly ahead of schedule, as the company delivered the highest number of vehicles in any first quarter to date.

The U.S. Air Force will release $882 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, a Pentagon official said on Thursday.

General Motors Co and Honda Motor Co Ltd said on Thursday they would jointly develop two new electric vehicles for Honda and are exploring more ways to expand their alliance.

World equity markets climbed on Thursday on a surge in risky assets like oil, offsetting concerns over an increasing death toll from the coronavirus pandemic that is expected to push the global economy into recession.

U.S. online grocery delivery company Instacart said on Thursday it will distribute free health and safety kits to full-service shoppers, days after its workers went on strike to call attention to safety and wage concerns over the coronavirus crisis.

The dollar rose against a basket of currencies for a second straight day on Thursday as investors, worried about the prospect of a global recession, continued to take shelter in the greenback.

Tesla Inc on Thursday fell short of Wall Street estimates for first-quarter vehicle deliveries, due to the production disruptions and shutdowns caused worldwide by the coronavirus pandemic.

U.S. President Donald Trump says he has brokered a deal with Saudi Arabia and Russia that would see sweeping oil output cuts. Riyadh has called for emergency talks, and Moscow has said it no longer plans to hike production in a battle for market share.