Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.

Spain, already struggling with high unemployment and debt, is bracing for the impact of the government's decision to put the country's economy into "hibernation" to fight the spread of coronavirus.

Grocery delivery startup Instacart's delivery workers were set to begin a work stoppage Monday to press safety demands, as a walkout was planned by employees at an Amazon warehouse said to be the site of coronavirus infections.

Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May, escalating a price war with Russia.

U.S. President Donald Trump and his Russian counterpart Vladimir Putin discussed plunging oil prices and the coronavirus pandemic Monday, the Kremlin said, as Trump said Moscow is pressing for an end to US sanctions.

Stakeholders in Expo 2020, a multi-billion-dollar global trade fair set to launch in Dubai in October, are to hold talks Monday on a possible postponement over the coronavirus pandemic.

Measures to contain the coronavirus outbreak will slash German 2020 economic output by 2.8 to 5.4 percent before a rebound next year, a panel of economists who advise the government said Monday.

Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.

Police with batons and guns have moved in to protect supermarkets on the Italian island of Sicily after reports of looting by locals who could no longer afford food.

Global retailers including Adidas and H&M sparked outrage in Germany on Sunday after announcing they planned to stop paying rent on stores that have been forced to close over the coronavirus outbreak.