Auto Industry News

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.

OPEC+ sees this year's oil market as slightly less supplied than previously thought.

Bangladesh raised fuel prices by around 50%, a move that will trim the country's subsidy burden but put more pressure on inflation that is already running above 7%.

Chinese chipmakers' shares jumped by the most in two years this week as House of Representatives Speaker Nancy Pelosi's visit to Taiwan heightened tensions with the U.S., driving patriotic bets on a sector Beijing sees as key to its rivalry with Washington.

Oil prices settled higher, recouping some of this week's losses on strong U.S. job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand.

Oil prices rose slightly, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand.