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Oil Up 3% On Robust U.S. Fuel Consumption, Tight Supply Outlook
Oil prices gained about 3% as positive U.S. economic data and robust U.S. fuel consumption offset concerns that slowing economic growth in other countries could undercut demand.
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Oil Dips As Slowdown Worries Limit Price Gains
Oil prices dipped after two days of gain, as market participants weighed worries about global economic slowdown.
Read More →Oil Falls To 6-Mth Low On Economic Data, Awaits News Of Iran Nuclear Deal
Oil prices fell about 3% on Tuesday to their lowest since before Russia's invasion of Ukraine as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.
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Rains Dampen Indian State Retailers' Aug. 1-15 Gasoil Sales
Fuel demand in India, the world's third-biggest oil importer and consumer, typically falls during the four-month monsoon season that begins in June.
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SAIC Motor's Ridehailing Unit Raises 1 Billion Yuan In Series B Funding
Momenta's investment in SAIC's ridehailing unit comes as startups have been pouring billions of dollars into autonomous technology, aiming to take an early lead in commercializing autonomous driving
Read More →SAIC Motor's Robotaxi Unit Raises 1 Billion Yuan In Series B Funding
A robotaxi unit of China’s state-owned SAIC Motor has raised more than 1 billion yuan ($147.37 million) in a second round of fundraising from its autonomous technology partner Momenta and several other institutions, according to a Momenta statement and a person familiar with the matter.
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Oil Reverses Losses, Demand Concerns Persist
Oil prices edged higher in volatile trading as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and bleak economic data from leading crude buyer China limited gains.
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India Buys Discounted Venezuelan Petcoke To Replace Coal
Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports not specifically targeted by U.S. sanctions.
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India's NSE Ends At Four-Month High, Auto Stocks Drive Gains
Indian shares ended higher, boosted by auto stocks, with the NSE Nifty 50 index posting its highest level since April 5 at close.
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Judge Orders Twitter To Give Elon Musk Former Executive's Documents
Twitter Inc needs to give Elon Musk documents from a former Twitter executive who Musk said was a key figure in calculating the amount of fake accounts on the platform, according to a court order.
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EV Maker Faraday Future To Raise Up To $600 Million In Funding
EV startups that promised to disrupt the auto industry by using a technology-heavy approach to their vehicle designs are now scrambling to secure fresh lines of cash and cut costs due to rising commodity prices.
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Arrival To Delay Spending On Bus Project After Posting Wider Loss
British electric vehicle start-up Arrival SA reported a wider quarterly loss on Thursday and said it would delay spending on its bus project as it looks to secure more capital, sending its U.S-listed shares down 13%.
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India Shares Close At Near 4-Month High As Metals, Autos Gain
Indian shares closed at a near four-month high on Monday, led by metals and automobile stocks, as cooling oil prices and strong buying from foreign investors lifted sentiment.
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Two Lawmakers Ask U.S. Regulator About Tesla Crashes, Safety Probes
Two U.S. lawmakers who chair subcommittees overseeing auto safety asked the federal auto safety regulator for a briefing on its probes into crashes involving Tesla Inc electric vehicles using Autopilot and advanced driver assistance systems, according to a letter seen by Reuters.
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EU, South Korea Say U.S. Plan For EV Tax Breaks May Breach WTO Rules
The European Union and South Korea have raised concerns about proposed U.S. tax credits for purchases of electric vehicles, saying they may discriminate against foreign-made vehicles and breach World Trade Organization (WTO) rules.
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Russia-Backed Indian Refiner Nayara Energy Posts Record Profit
India's Nayara Energy, part owned by Russian oil major RosneftMM>, posted a record quarterly profit in April-June as its margins improved due to higher intake of discounted Russian oil and fuel exports.
Read More →Oil Falls 2% On Expectations That U.S. Gulf Supply Disruption Will Ease
Oil prices plunged around 2%, on expectations that supply disruptions in the U.S. Gulf of Mexico would be short-term, while recession fears clouded the demand outlook.
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China's CATL To Build $7.6 Billion Hungary Battery Plant To Supply Mercedes, BMW
China's CATL said it would build a 7.3 billion euro ($7.6 billion) battery plant in Hungary, Europe's largest so far, as the world's biggest electric vehicle battery maker gears up to meet growing demand from global automakers.
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Automakers Scramble To Decode New U.S. EV Tax Credits
U.S. automakers and dealers are scrambling to figure out if they can still offer $7,500 tax credits to would-be buyers of electric vehicles (EVs).
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EV Startup Fisker Explores Higher Production In 2023, U.S. Manufacturing
Fisker Inc said it was exploring options to manufacture in the United States in 2024 and was considering ramping up production of its first vehicle, the Ocean SUV, in the second half of 2023.
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