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OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.

Prices also rose on U.S. government data that showed crude and fuel inventories fell last week.

India, also the world's third-biggest oil importer, ships in about 85% of its crude needs, but is gradually building capacity to increase its output of biofuels.

Musk told a post-earnings call that all full self-driving users in North America will get an Autopilot feature at the end of the year, adding that while its cars are not ready to have no one behind the wheel, drivers would rarely have to touch the controls.

The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.

Mercedes will receive on average 10,000 tons of battery-grade lithium hydroxide per year.

The grants, which are going to projects across at least 12 states, mark the latest push by the Biden administration to help reduce the country's dependence on China and other nations for the building blocks of the green energy revolution.

The Inflation Reduction Act, as currently written, requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026.