Auto Industry News

Oil prices fell more than $3 a barrel on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia's gas flows to Europe eased supply restraints.

Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions.

Two Libyan tribal figures involved in a blockade of oil exports that has reduced output by 850,000 barrels per day said they expect the government-installed National Oil Corporation chief to announce the blockade's end imminently.

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The global oil market is "walking a tightrope" between scarce supply and the possibility of a recession, the International Energy Agency (IEA) said, with higher prices and worsening economic conditions already taking a toll on demand.

South Korean battery maker LG Energy Solution is set to supply batteries to Mahindra & Mahindra's first electric sports utility vehicle (SUV).

Zoox, a self-driving technology firm owned by Amazon.com Inc, said it was gearing up to launch its robotaxi business, self-certifying that its vehicle with no pedals or steering wheel meets U.S. federal regulations and applying for a permit in California to test-drive it.

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