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The conglomerate's energy unit said in July it had picked Kansas as the site for a new plant to supply batteries primarily to Tesla Inc, joining other battery producers planning massive U.S. investments to qualify for new EV tax credit rules and to tap that market's potentially massive demand.

U.S. inventories of distillate fuels finished October at their lowest levels for any October since 1951, according to the U.S. Energy Information Administration.

The Pittsburg-based Argo AI earlier this year commenced driverless operations in Austin and Miami.

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.