Auto Industry News

U.S. crude oil price settled below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies.

Sri Lanka's central bank has secured foreign exchange to pay for fuel and cooking gas shipments that will ease crippling shortages, its governor said on Thursday, as the prime minister said supplies had been locked in for at least a month.

Shares in Indian steel and iron ore groups including Tata Steel and JSW Steel slid on Monday at the steepest pace since early 2020 after the government imposed heavy export taxes on the sector, while carmakers rose on lower input costs.

Indian shares ended higher for a third straight session on Monday, riding on gains in technology stocks and a surge in automaker Mahindra and Mahindra after strong quarterly earnings.

Serbian President Aleksandar Vucic said on Sunday he had agreed a new three-year gas supply contract in a phone call with Russian President Vladimir Putin.

European Commission President Ursula von der Leyen said on Monday she had made progress in talks with Hungarian Prime Minister Viktor Orban on a possible EU-wide ban on Russian fossil fuels.

Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods that are growing scarce due to international sanctions, people familiar with the matter in both Russia and India said.

The EU's proposed new sanctions against Russia, including an oil embargo, should not be discussed at next week's summit of the bloc's leaders, Hungarian Prime Minister Viktor Orban said in a letter to the President of the European Council.