Auto Industry News

The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions which Moscow calls a "special military operation".

Crude imports by China in the first four months of 2022 fell 4.8% from a year ago, but April imports were up nearly 7%.

Oil prices hit a two-month high at $121 per barrel as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.

European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022

U.S. petrol stocks fell by 482,000 barrels to 219.7 million barrels, U.S. Energy Information Administration said. The start of summer driving season in the United States normally entails increased consumption.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

Russia's production dropped by 9% in April, and the country, part of the OPEC+ group, produced far below levels required under a deal to gradually ease record output cuts made during the worst of the pandemic in 2020.

Oil prices rose nearly 1.5%, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth.