The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus.

Finance ministers and central bank chiefs from G7 countries, including U.S. Federal Reserve Chair Jerome Powell will hold talks on Tuesday as the coronavirus threatens the global economy, the U.S. Treasury said Monday.

U.S. Treasury Secretary Steven Mnuchin and Powell "will lead a call with their G7 counterparts tomorrow morning," Treasury confirmed in a statement.

British Airways and Ireland's Ryanair on Monday announced major flight cancellations particularly to Italy, in response to the worsening novel coronavirus outbreak, while Germany's Lufthansa  extended cutbacks.

Venezuela said Monday it had arrested two officials from state oil company PDVSA for providing the US with "strategic and sensitive" details of its sanctions-hit oil operations.

Stock markets in the energy-rich Gulf states rebounded Monday, after huge losses in the previous session driven by fears over the impact of the coronavirus which has sent oil prices below $50 a barrel.

China's manufacturing activity fell to its lowest level on record in February as official data on Saturday confirmed the massive damage the deadly coronavirus epidemic has caused to the world's second-largest economy.

Oil prices dived four percent on Friday to trade at their lowest levels for more than a year, as the coronavirus crisis continued to spark panic over crude demand.

Asian markets spiralled downwards Friday, extending a collapse in New York and Europe that has wiped trillions of dollars off valuations as the coronavirus spread rapidly around the world with the WHO warning the deadly epidemic was now at a "decisive point".

U.S. securities regulators announced on Thursday they had fined actor Steven Seagal and suspended him from investment promotions over charges he hawked a cryptocurrency venture without disclosing compensation.

The World Bank launched a new effort Thursday to combat extreme poverty by expanding work in countries beset by violence.