IBT Staff Reporter

Oil rose above $69 a barrel on Tuesday, lifted by an expected draw in U.S. crude stocks and better-than-expected U.S. retail sales data, but concerns about rising U.S. distillate inventories capped gains.

German carmaker Opel needs to cut capacity and workforce quickly to return to profitability, but any decision on restructuring the company would not be driven by political considerations, Opel Chairman Carl-Peter Forster said on Tuesday.

News that European car sales rose for a third consecutive month in August helped lift the mood at the Frankfurt Motor Show, where automakers will showcase green technology they hope will transform the industry.

China's President Hu Jintao will present China's new plans for tackling global warming at a United Nations summit on climate change later this month, the country's senior negotiator said on Tuesday.

World number two truck maker Volvo (VOLVb.ST) said on Tuesday truck deliveries fell 52 percent year-on-year in August as markets across the globe remained mired by the economic downturn.

Marathon Oil Corp began restarting its Robinson, Illinois oil refinery following a power outage Sunday afternoon after a small plane hit a power line feeding the refinery, a spokeswoman said on Tuesday.

Chinese electric car maker Tianjin Qingyuan Electric Vehicle Co is in talks with Daimler AG (DAIGn.DE) to develop an electric version of a van made at the German automaker's joint venture in southeast China, a source said on Tuesday.

The head of Porsche's (PSHG_p.DE) core sports car business said he was warily upbeat about a rebound in 2010 after unit sales sank nearly a quarter -- twice as fast as revenue -- in the fiscal year to the end of July 2009.

Top U.S. consumer electronics chain Best Buy Co reported a lower-than-expected quarterly profit on Tuesday on weak sales of items such as videogames and cameras, but raised its forecast for the full year.

Car-rental company Dollar Thrifty Automotive Group Inc said it will close about 10 more locations in the rest of 2009, as part of its pre-announced plan to do away with underperforming and non-profitable locations.

Opel workers aim to avert closure of a Belgian factory in Antwerp following a takeover by Canadian automotive group Magna (MGa.TO) by shortening working hours there, Opel's labor leader said on Tuesday.

EBay Inc shares rose on Tuesday after Piper Jaffray upgraded the stock of the online auctioneer, citing improved Web traffic and improved customer satisfaction with its website.

Top U.S. consumer electronics chain Best Buy Co reported a lower-than-expected quarterly profit on Tuesday as weakness in the entertainment software and appliance categories offset market share gains.

U.S. stock index futures pointed to a higher open on Tuesday as retail sales advanced at their fastest clip in over three years while producer prices rose more than twice as much as expected in August.

The Canadian Auto Workers is working to complete a working-level exchange of information with Ford Motor Co (F.N) this week before returning to full-scale negotiations with the No. 2 U.S. automaker, the head of the union said on Monday.

Volkswagen's (VOWG.DE) powerful supervisory board chairman, Ferdinand Piech, left open the possibility of Europe's largest car maker acquiring further brands saying a dozen is easier to remember than ten.

Jay Leno launched his NBC prime-time TV talk show on Monday -- a venture whose success or failure is being closely watched by the industry -- with familiar offerings including a topical monologue and chats with fellow comedian Jerry Seinfeld and a repentant Kanye West.

MasterCard Inc, the world's second-largest credit-card network, said processed volume in the United States declined less in July and August than in the second quarter, reinforcing sentiment that the industry is stabilizing.

Toyota Motor Corp (7203.T) expects industry auto sales in Europe to remain flat or decline further in 2010, from 2009, as government incentive programs cease to inflate sales, the head of the automaker's European operations said on Monday.

The Italian press, which before the Venice Film Festival had celebrated the high number of Italian films in the festival's official selection, has gone into a period of soul searching and finger pointing after Italian films were for the most part excluded from the event's major prizes.

Singer Whitney Houston said in an interview aired on Monday that life with former husband Bobby Brown descended into a nightmare of drugs and fights, and that at one point he painted evil eyes on the walls of their home.

Italy car maker Fiat SpA (FIA.MI) hopes for a 7 percent European market share for its Fiat brand at the year end, Fiat brand CEO Lorenzo Sistino said on Tuesday speaking at the Frankfurt Motor Show.

Pathetic. Desperate. Lame.The Seinfeld reunion its creators swore would never happen for the aforementioned reasons finally takes place next month.

All of Wall Street's bank analysts were caught out by Lehman's collapse -- and few have redeemed themselves since. Just a handful have dared to issue a buy on bank stocks that have surged since March -- after they all failed to slap that sell on Lehman Brothers before it went bust a year ago.

Cash-strapped South Korean automaker Ssangyong Motor (003620.KS) proposed a capital writedown on Tuesday that would slash the stake of SAIC Motor (600104.SS), its Chinese majority shareholder.

Author Dan Brown may have outraged the Vatican in The Da Vinci Code, but his new book, The Lost Symbol, is being welcomed by his latest subjects, the Freemasons.

Sales at U.S. retailers rose at their fastest pace in three-and-half years in August and a gauge of manufacturing in New York State hit a near two-year high, bolstering views the economy was emerging from recession.

Having conquered movies, Keanu Reeves is now taking on the Internet.

Here are comments made by executives from the global automotive industry at the Frankfurt Motor Show this week on the economy and the industry outlook.