Auto Industry News

European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022

U.S. petrol stocks fell by 482,000 barrels to 219.7 million barrels, U.S. Energy Information Administration said. The start of summer driving season in the United States normally entails increased consumption.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

Russia's production dropped by 9% in April, and the country, part of the OPEC+ group, produced far below levels required under a deal to gradually ease record output cuts made during the worst of the pandemic in 2020.

Oil prices rose nearly 1.5%, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth.

India's Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of $110 a barrel was not sustainable

Hungary remains a stumbling block, as EU sanctions require unanimous support. Hungary is pressing for about 750 million euros ($800 million) to upgrade its refineries and expand a pipeline from Croatia.

Major U.S. stock indexes ended down slightly Wednesday, losing early gains tied to remarks by Federal Reserve Chair Jerome Powell that the U.S. central bank is "strongly committed" to bringing down inflation, while sharply lower oil prices weighed on energy shares.