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India, Asia's third-largest economy, annually consumes 25 million to 30 million tonnes of petrochemicals. Its per capita consumption is about a third of global average.

Oil prices dropped about 4% as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

Spot prices for Russia's key export crude grade ESPO Blend to Asia have rebounded from all-time lows amid strong demand from top buyers India and China and easing concerns about possible sanctions, several traders said.

The West's energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices.

Oil prices rose by over 1% after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Oil prices edged higher in volatile trading as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and bleak economic data from leading crude buyer China limited gains.

Oil prices dipped after two days of gain, as market participants weighed worries about global economic slowdown.

Oil prices fell for the week on a stronger U.S. dollar and fears that an economic slowdown would weaken crude demand.