Auto Industry News

Indian Oil Corp has purchased a cargo of Russia's Sokol oil for November delivery thorough a spot deal with a trading firm.

Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude.

Volkswagen's brands have halted all paid activities on Twitter until further notice.

India has raised a windfall tax on crude oil to 10,200 Indian rupees ($125.22) per tonne from 9,500 rupees per tonne.

European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.

Oil prices rebounded from early losses after Saudi Arabia denied a report it was discussing an increase in oil supply with OPEC and its allies.

Global stocks and oil prices slipped as a spike in COVID-19 cases and newly recorded deaths in China prompted authorities to reinstate lockdowns.

Oil prices rose about 1% after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market.