Oil prices traded up on Tuesday on bargain hunting, recovering some ground from the previous day's plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the US Federal Reserve and other central banks.

India, the world's second biggest sugar exporter, usually decides the amount of the sweetener mills can export before the start of the new marketing year on Oct. 1.

Central bankers, who once considered obscurity central to their craft, are trying to wean the world from the predictability they've nurtured over 15 years of concrete guidance about their intentions and return to a time when policy starts, stops and occasional surprises were more the norm.

A hedge fund manager turned philanthropist and major backer of liberal causes, Soros, 92, said he previously didn't want his Open Society Foundations (OSF) to be taken over by one of his five children.

"This is the start of a new chapter - for UBS, Switzerland as a financial centre and the global financial industry," UBS CEO Sergio Ermotti and Chairman Colm Kelleher said in an open letter published in Swiss newspapers.

Oil prices declined on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market.

Nio (9866.HK) said on Monday it would lower prices for all its models and end free battery swapping services to new buyers, as the Chinese electric vehicle maker faces mounting pressure over earnings losses and lukewarm sales.

The island plunged into crisis last year as its foreign exchange reserves ran out. The government limited imports on more than 3,200 items, including seafood, electronics, and even musical instruments.

The end of the dominance of the US dollar is nigh as the Chinese yuan rises and the rest of the world sees the peril of the West's failed attempt to bring Russia to its knees over Ukraine, one of Moscow's most powerful bankers told Reuters.

Indonesian President Joko Widodo on Thursday called for better collaboration with neighbouring Malaysia to fight what he called "discrimination" against their countries' palm oil products, as a new European Union law threatens to dent exports of the commodity.

Industrial and Commercial Bank of China Ltd (601398.SS), Agricultural Bank of China Ltd (601288.SS), Bank of China Ltd (601988.SS) and China Construction Bank Corp (601939.SS) all cut their rates from Thursday, websites from each bank showed.

In a rare attempt to bolster China's yuan, a self-regulatory body overseen by the country's central bank has told major state-owned banks to lower dollar deposit interest rates, four people with direct knowledge of the matter said.

Oil fell for a second day on Wednesday as concerns over global economic headwinds deepened, erasing the price gains booked after top crude exporter Saudi Arabia's surprise weekend pledge to deepen output cuts.

Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years.

The dollar is up 2.5 per cent from its recent low against a basket of currencies and stands near its highest level since March.

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices.

President Joe Biden on Saturday signed a bill that suspends the US government's $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare.

Sugar prices across the world could soar further due to a decline in production in India – the commodity's largest producer – and export restrictions imposed by the government

Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in US oil inventories sparked demand concerns, while investors awaited US inflation data to gauge the next rate decision in the top oil consuming nation.

China's imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.