Auto Industry News

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed.

The market was also buoyed by concerns about supply disruptions, including the ongoing shutdown of the Canada-to-United States Keystone crude pipeline following a massive leak last week.

The Turkish measures, which came into effect on Dec. 1, requires vessels to provide proof of insurance for the duration of transit through the Bosphorus or when calling at Turkish ports.

In a statement, Petroecuador did not estimate the impact of Sunday's incident on its production levels, but said it was working to normalize output in the coming days after the resulting power outage affected 728 of its wells.

Brent crude futures settled at $77.99 a barrel, gaining $1.89 or 2.5%. U.S. West Texas Intermediate crude settled at $73.17 a barrel, rising $2.15, or 3%.

A Turkish measure in force since the start of the month has caused shipping delays. It requires vessels to provide proof of insurance covering the duration of their transit through the Bosphorus Strait or when calling at Turkish ports.

A total of 28 oil tankers are in a queue seeking to leave the Bosporus and Dardanelles straits, the Tribeca shipping agency said.

Electric vehicle (EV) makers are looking to capitalize on tax incentives provided by the U.S. Inflation Reduction Act (IRA) to lower costs of adopting EVs for commercial purposes.