The Saudi energy minister downplayed the move in oil prices on Monday, saying anticipation of the cuts was the reason for a rally in oil prices before the meeting. Since dipping below $22 a barrel two weeks ago, Brent has rebounded by roughly 48%.

The Fed chief said last month's jobs report was \"disappointing\" and bears watching, though she gave a largely upbeat assessment of the US economic outlook,

MSCI's broadest index of Asia-Pacific shares outside Japan was a few ticks lower, after Wall Street ended with modest gains on Friday even as the S&P 500 still suffered its biggest weekly decline in two months.

Crude oil futures edged away from their lowest in more than two months on Friday, lifted by a dip in OPEC production, although swelling US stockpiles triggered by ongoing oversupply kept the market outlook bleak.

The outlook remains bleak as traders ditch positions and producers hedge against lower prices despite some analysts saying market oversupply may have been overstated.