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India has raised a windfall tax on crude oil to 10,200 Indian rupees ($125.22) per tonne from 9,500 rupees per tonne.

European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.

Oil prices rebounded from early losses after Saudi Arabia denied a report it was discussing an increase in oil supply with OPEC and its allies.

Global stocks and oil prices slipped as a spike in COVID-19 cases and newly recorded deaths in China prompted authorities to reinstate lockdowns.

Oil prices rose about 1% after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market.

Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price cap mechanism.

India's fuel consumption rose to its highest in four months in the festival month of October.

Lordstown Motors Corp has agreed a deal under which a Foxconn affiliate will invest up to $170 million in the EV maker.