By Douglas Fraser
Business and economy editor, Scotland
By Simon Read
Asian stock markets traded cautiously on Tuesday as investors came to terms with "Black Monday".
Global shares took a battering on Monday as they reacted badly to the threat of an oil price war breaking out.
Japan's benchmark Nikkei 225 index dropped more than 3% at the start of Asian trading on Tuesday morning.
Having fallen 5% on Monday, Japanese shares have hit their lowest level since April 2017.
- Copyright: Getty Images
The central bank of Russia has released a statement saying it will halt purchasing foreign currency for 30 days in an effort to "reduce the volatility of financial markets in the face of significant changes in the global oil market".
Bloomberg reports that the government may rely on its £114bn wealth fund to buy and prop up the price of the ruble, after the breakdown in talks with Opec triggered a price war.
Oil prices crashed in Asia on Monday by around 30% in what analysts are calling the start of a price war.
Top oil exporter Saudi Arabia slashed its oil prices at the weekend after it failed to convince Russia on Friday to back sharp production cuts
The benchmark Brent oil futures plunged to a low of $31.02 a barrel on Monday, in volatile energy markets.
By Andrew Walker
BBC World Service economics correspondent
- Copyright: BBC
Opec and its allies are said to be preparing emergency cuts in oil production after oil prices appeared to heading into a bear market on the back of coronavirus fears.
Brent crude has fallen 1.7% to $55.66 a barrel.