Auto Industry News

Brent crude futures for August settled down $2.7, or 2.2%, at $118.51 a barrel, having fallen as low as $117.75. U.S. West Texas Intermediate crude for July fell $3.62, or 3.04%, to $115.31 a barrel, after dropping to a low of $114.60.

Oil settled higher, supported by expectations that OPEC's decision to increase production targets by slightly more than planned will not add that much to global supply which should tighten as China eases COVID restrictions.

Oil prices pared losses, however, during the session after Fed Chair Jerome Powell pledged an "overarching focus" on bringing down inflation and reiterated that ongoing increases in the central bank's policy rate would be appropriate, with the pace depending on the economic outlook.

Petroecuador said 15 companies have expressed interest, including Promigas SA and Gran Tierra Energy.

A Greek court overturned an earlier court ruling that allowed the confiscation by the United States of part of a cargo of Iranian oil on an Iranian-flagged tanker off the Greek coast, three sources familiar with the matter said.

Investors have been paring positions in risky assets as they assess whether inflation-fighting central banks could push the world economy into recession with higher interest rates.

Rajesh Exports is also an applicant for Prime Minister Narendra Modi's $10 billion incentive plan to push companies to set up semiconductor and display operations in India.

The latest round of talks were held at a major industrial transport hub near the capital, where Transport Minister Won Hee-ryong earlier warned the government may step in and force truckers to return to work or face jail.