New York/Hong Kong (CNN Business)Stocks are up Monday as investors cling to signs that the coronavirus pandemic may be slowing down in some parts of the world.
Oil prices, meanwhile, slipped — a suggestion that investors might be pessimistic about whether a resolution to the price war between Saudi Arabia and Russia will really be coming this week.
Monday's market recovery comes as death rates slow in Spain, Italy and New York. That's giving markets hope that the lockdown measures are finally starting to prove effective, according to Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.
"Like the rest of the world, financial markets are searching for any slivers of hope," he said.
Even so, Halley said the positivity could be fleeting, adding that last week's US jobs numbers show that the virus is wreaking "almost unimaginable havoc of the world's economy."
Oil, meanwhile, is dropping as OPEC and Russia on Saturday postponed a meeting to discuss supply cuts and an end to a price war that has driven oil prices to their lowest in decades. The meeting had been set for Monday, but is now scheduled for Thursday, an OPEC source told CNN.
US crude fell as much as 11% to $25.28 a barrel before paring losses. Prices were last down 1.5% to trade around $27.91 a barrel. Brent crude — the global benchmark — fell 1.5% to $33.61 a barrel.
This week's meeting follows a suggestion by US President Donald Trump that massive production cuts could be on the way, and calls from Saudi Arabia for an "urgent" effort to restore "balance" to the oil market.
Saudi Arabia and Russia have been locked in an epic price war since early March when the OPEC+ oil alliance cracked, flooding the oil market with cheap crude, just as demand cratered because of the coronavirus pandemic. Crude has crashed to 18-year lows, crushing American oil companies and energy stocks.