Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would not have much impact on the market. Brent was down 50 cents at $52.81 a barrel by 0825 GMT after settling 7 cents lower in the previous session.
Uber Technologies Inc. said it will invest $1 billion in India to expand into more cities as the ride-hailing application company targets to hit 1 million trips per day in the next six to nine months. The company will spend the money on developing new products and payment solutions, and other uses, Amit Jain, who was appointed in May as president of Uber India, said in an e-mailed statement. ?India is one of Uber?s big priorities, along with China and uberPOOL,? Jain said, referring to the company?s carpooling program.