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Reliance reported a flat profit for the second quarter, as export taxes on refined fuels and weak refining margins weighed down the dominant oil-to-chemical business.

The Spanish government sought to work with Volkswagen after the German automaker reportedly threatened to pull out.

Oil prices were near flat during a choppy trading session on Thursday, as worries about inflation dampening demand for oil contended with news that China is considering easing COVID-19 quarantine measures for visitors.

Chief Executive Elon Musk told analysts on a conference call there was excellent demand in the fourth quarter, addressing investors' concerns that buyers could be discouraged by the weak global economy and high prices for Tesla vehicles.

The world's largest battery maker, which supplies one of every three electric vehicles, has been considering opening new plants in the United States and Mexico since earlier this year

Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production

The National Oil Spills Detection and Response Agency (NOSDRA) said the fire broke out at two wells in Rivers state, in the Niger Delta. A boat suspected to have been engaging in theft of crude oil was burnt to ashes at the site.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, look set to cut output when they meet on Wednesday. The move would squeeze supply in an oil market that energy company executives and analysts say is already tight due to healthy demand, a lack of investment and supply problems.