U.S. stock indices stepped away from session lows, but still ended Monday in the negative territory amid renewed declines in oil prices.

The Dow Jones Industrial Average finished the session with a decline of 177.92 points, or 1.1%, to 16,027.05 after trading down as much as 400 points. The S&P 500 lost 26.61 points, or 1.4%, to 1,853.44 (materials and financials were the worst performers falling 2.7% and 2.6% respectively). The Nasdaq Composite fell 79.39 points, or 1.8%, to 4,283.75.

S&P's energy sector showed little reaction and was the only one to close in the positive territory with a gain of less than 0.1%.

Oil prices fell more than 3% on Monday as a meeting between oil ministers from Saudi Arabia and Venezuela resulted in no agreement. There were also no comments about an OPEC meeting Venezuela was calling for.

This morning in Asia the Nikkei plunged 5.54%, or 942.60, to 16,016.70. Markets in China and Hong Kong are closed due to Lunar New Year.

Japanese stocks dropped following declines in U.S. indices. A stronger yen, which is unfavorable for Japanese exporters, weighed on stocks too.