The World Bank warned Tuesday that slowing emerging-market economies were hampering an oil recovery, and prices could sink further in a blow to a "fragile" global economy.

Crude oil in 2016 is projected to come in at $37 a barrel, down from its October estimate of $51, the World Bank said in a new quarterly report.

The United States is expanding authorized  exports to Cuba in the latest incremental steps to ease a Cold War-era trade ban on the communist-ruled island, the U.S. Treasury said Tuesday.

The rule changes, which go into effect Wednesday, will allow more U.S. exports related to disaster preparedness, education, agricultural production, food processing, public transportation and artistic endeavors.

Global crude prices should recover near the end of this year, the president of the world's biggest oil exporter, Saudi Aramco, said on Tuesday.

"Our prediction is that we will see some adjustment but it will happen toward the end of this year," Amin al-Nasser, president and chief executive officer of the state-owned company, told a business forum in the Saudi capital.

The Kuwaiti and Iraqi oil ministers said Tuesday that OPEC will not cut production unless producers outside the cartel do the same, despite the plunge in crude prices.

"OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC," Kuwait's acting oil minister, Anas al-Saleh, told reporters on the sidelines of an oil conference.

Iranian President Hassan Rouhani will Tuesday attend an Iran-Italy business forum before meeting Pope Francis, as the Islamic Republic rebuilds ties with the West and seals multi-billion dollar deals as sanctions against it are lifted.

Italian officials said contracts signed in Rome late Monday would be worth up to 17 billion euros ($18.4 billion), topped by a five-billion-euro deal for pipeline company Saipem, whose shares surged 18.5 percent in Milan on Monday.

Crude fell back below $30 a barrel in Asia Tuesday as worries about the global supply glut returned to the fore, following a two-day rebound.

After plunging to 12-year lows, prices soared late last week on hopes that plans for further economic stimulus measures in the eurozone and Japan would perk up demand.

Dutch electronics giant Philips Tuesday unveiled solid net profits for last year, up 55 percent on 2014 driven by increased sales in its healthcare and lifestyle business.

Total net profit attributable to shareholders was 645 million euros ($700 million), with sales up to 24.2 billion euros amid rising orders in North America and Europe, the company said.

Iran will probably sign contracts with automakers Peugeot and Renault, President Hassan Rouhani said Monday as he headed to Europe seeking to capitalise on Tehran's nuclear deal with world powers.

"Important contracts will probably be signed on this trip including with Peugeot and Renault," Rouhani told reporters at Mehrabad Airport before leaving Tehran, according to state television's website.

Leftwing Greek Prime Minister Alexis Tsipras, at a rally Sunday to mark a year in power, stood by a vow to overhaul the country's pension system despite fierce opposition. 

Pension reform "must go ahead, it's necessary," Tsipras said in a speech before around 4,000 supporters in an Athens stadium.

Oil prices extended their rally in Asia Monday buoyed by hopes of extra stimulus measures in the eurozone and Japan that could help boost demand in the face of a global supply glut.

Prices ended on a buoyant note Friday, with the U.S. benchmark West Texas Intermediate (WTI) for March delivery soaring nine percent to $32.19 a barrel, while Brent soared 10 percent to $32.18.