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G7 nations and Australia said they had agreed a $60 per barrel price cap on Russian seaborne crude oil.

Oil prices rose by as much as $1 per barrel after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.

Wolfspeed will build a new multi-billion dollar factory in Chatham County, North Carolina to make the raw materials used for chips that power things like electric vehicles.

Oil prices rose about 4% supported by real and threatened cuts to supply, although futures posted a second weekly decline.

The U.S. Commerce Department said it hopes by February to begin seeking applications for $39 billion in government semiconductor chips subsidies to build new facilities and expand existing U.S. production.

Indian state-refiner Bharat Petroleum Corp is re-attempting to charter a ship to load 700,000 barrels of Russia's Sokol crude oil this month, sources familiar with the deal said.

The main districts of Chinese tech hub Shenzhen shut down public transport and extended curbs on public activities as cities across China battled COVID-19 outbreaks that have dampened the outlook for economic recovery.

Oil prices rose on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China's COVID-19 curbs and weakness in the global economy loomed over the market.