Auto Industry News

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.

Yemen's new presidential council is under strain over clashes between nominal allies in oil-rich Shabwa this week, imperilling Saudi Arabia's efforts to strengthen an anti-Houthi coalition and potentially complicating international peace efforts.

An Iranian-flagged tanker has retrieved an oil cargo which the United States had confiscated and is set to leave Greece, sources familiar with the matter said.

Oil prices settled lower after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.

Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies.