Fuel

Eaton Corp. reported lower net income and revenue in the third quarter, but called it a stronger than expected performance.

Algeria, which this year holds the OPEC presidency, said that both Saudi Arabia and Russia were pressing fellow members to prolong the current oil-supply cuts into next year, rather than tapering them as planned. Algeria supported the proposal, the first country to publicly do so.

Volvo Trucks North America announced it, and other industry associations and companies, helped facilitate the modification of California utility rules to give private entities the ability to sell electricity as a motor fuel at publicly accessible charging stations for medium- and heavy-duty electric vehicles.

U.S. stocks rose as a gust of optimism swept through global equity markets as millions of Americans headed to vote. The dollar weakened and crude oil increased by the most in a month.

The national average price of diesel dropped 1.3 cents, according to the Energy Information Administration’s weekly data released Nov. 2. The decline, which comes amid tumbling oil prices, is the eighth in the past nine weeks.

OPEC+ inched closer to delaying its January output increase, with Russia actively discussing keeping its current curbs for an extra three months as oil markets weaken.

Both of the major-party presidential candidates have said they support electric vehicles, but a Joe Biden win could bring changes to significantly speed up the adoption of cars and trucks built by the likes of Tesla Inc. and Nikola Corp.

South Korea’s LG Chem Ltd. won shareholder approval to hive off its superstar battery business, with investors betting the division has a better chance to thrive as a stand-alone entity.

Oil headed for its biggest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery.

Exxon Mobil Corp. warned it may take up to $30 billion in writedowns on natural gas fields as crashing energy demand and prices spurred a historic losing streak.