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Oil dropped over $1 a barrel on Tuesday, approaching a multi-month low hit last week, pressured by the latest progress in talks to revive the 2015 Iran nuclear accord, which would eventually allow Tehran to boost exports in a tight market.

China should adopt autonomous vehicles in passenger transport with care, the country's Ministry of Transportation said in drafted rules to regulate the self-driving industry.

Baidu's electric vehicle (EV) firm Jidu Auto will be one-generation ahead of Tesla in terms of autonomous driving technologies, Baidu chief executive Robin Li said in a statement.

On Tuesday, President Joe Biden will sign legislation to subsidize the U.S. semiconductor industry and boost efforts to make the United States more competitive with China.

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 futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

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.