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Oil prices extended recent losses on Tuesday as markets remained cautious amid signs of weakening Chinese demand, while a slew of dismal economic indicators also brewed concerns over global crude appetite.  Crude prices marked a weak start to the week after data showed China’s crude imports sank 2% in September, amid continued headwinds from COVID-linked restrictions. The country, which is the world’s largest crude importer, increased its oil imports as local fuel demand weakened. 

Data also showed that the Chinese economy grew more than expected in the third quarter. But Beijing’s recent commitment to maintaining its zero-COVID policy darkened the outlook for the world’s second-largest economy. 

Weaker-than-expected business activity indicators from Japan, the Eurozone and the U.S. also pointed to slowing economic activity in the world’s largest economies, possibly indicating more headwinds for global crude appetite. 

After being defeated in a leadership election less than two months ago, Rishi Sunak on Monday snatched victory and became the only candidate to have cleared the threshold of 100 MP nominations making him automatically the next Conservative leader and British prime minister. The race went right down to the wire with his rival Penny Mordaunt’s team claiming she was just short of the 100 nominations right up till the nominations deadline closed at 18.30 IST (2pm local time).

At 1.59pm, Mordaunt, the hitherto leader of the House of Commons, put out a tweet withdrawing from the race, saying “it is clear that colleagues feel we need certainty today. They have taken this decision in good faith for the good of the country. We all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation. Rishi has my full support.”

Rishi Sunak became the UK's first Indian-origin, first Hindu and first non-white Prime Minister on Diwali on Monday.

After being defeated in a leadership election less than two months ago, Sunak snatched victory and became the only candidate to have cleared the threshold of 100 MP nominations making him automatically the next Conservative leader and British prime minister.

The race went right down to the wire with his rival Penny Mordaunt's team claiming she was just short of the 100 nominations right up till the nominations deadline closed at 18.30 IST (2pm local time).

The European Union warned Turkey on Monday that in the midst of the war in Ukraine "this is not the time to increase cooperation with Russia", after Ankara announced an agreement last week to be a hub for the redistribution of Russian gas to third countries.

"In the context of Russian aggression and repeated violations of international law it cannot be business as usual with Russia and this is not the time to increase cooperation with Russia," the bloc's foreign affairs spokesman Peter Stano told Europa Press.

Alphabet and Google CEO Sundar Pichai on Monday tweeted a Happy Diwali message, saying he celebrated the festival by watching the final three overs of the India-Pakistan T20 world cup match. In his Twitter post, a user took a jibe at him by commenting on his tweet, to which Pichai gave an amazing reply that went viral.

"Happy Diwali! Hope everyone celebrating has a great time with your friends and family. I celebrated by watching the last three overs again today, what a game and performance #Diwali #TeamIndia #T20WC2022," Pichai tweeted.