Auto Industry News

Mercedes-Benz will launch three new electric cars this year, be the first company to assemble a luxury EV, and will set up a fast-charging network nationwide

Oil prices dropped about 4% as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

OPEC+ sees this year's oil market as slightly less supplied than previously thought, a day ahead of a meeting at which the producer group is set to decide on its production policy for next month.

Cuba appeared to make progress bringing under control a fire at its main oil storage facility that has killed one firefighter, drawing on help from Mexico and Venezuela to fight the raging flames.

Sri Lanka has given approval for India's Lanka Indian Oil Corporation (LIOC) to open 50 new fuel stations, a company official said on Monday, as part of efforts to reduce severe shortages that have crippled the island nation.

Oil prices rose nearly 2% in volatile trading, bouncing off multi-month lows touched last week, as positive economic data from China and the United States fed hopes for demand despite nagging fears of a recession.

Ukraine has suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from accepting transit fees from Moscow, Russian pipeline monopoly Transneft said.

An inferno at Cuba's largest oil storage facility has killed at least one firefighter, injured many more, and threatens to further swell the fuel import bill for the impoverished island nation that relies on foreign oil for everything from transportation to its power grid.