The Saudi private sector struggled last year because of fuel price hikes, the introduction of a 5 percent value-added tax and higher fees for hiring foreign workers.
Analysts say U.S. supply will rise further as its export infrastructure is improved,some analysts say the long-term price risk to crude oil is skewed to the downside.
Shares of Tesla rose 4.3 percent to close at $244.10, while the yield on Tesla's existing $1.8 billion junk bond fell to its lowest level in over a month.
Though iPhone sales dropped 17% in the fiscal second quarter, the company's services revenue beat Wall Street expectations and it forecast an upbeat third quarter.