News

Indian Oil Corp Ltd reported a quarterly net loss for the first time in more than two years, as the country's top refiner sold fuel at a discount in the domestic market while its costs jumped.

The Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force, a senior G7 official said.

An Iranian-flagged tanker anchored off the Greek port of Piraeus is expected this week to retrieve part of its cargo of oil confiscated by the United States and sail back to Iran following a Greek court ruling, government sources said.

Oil settled up more than $2 as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a U.S. interest rate hike.

Oil prices were mixed as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption.

Oil prices jumped more than $4 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.

Electric-truck maker Rivian Automotive Inc said it was reducing headcount by 6% in order to optimize costs in a tightening macroeconomic environment.

Tata Motors Ltd expects strong demand to drive up sales of its cars, including at the luxury Jaguar Land Rover (JLR) unit, as the semiconductor shortage eases, even as it posted a wider quarterly loss on higher costs.