FT News Briefing Oil prices hit 7-year high
Oct 5, 2021
Oil prices have soared to a seven-year high as OPEC maintains production levels despite a global energy crisis. Meanwhile, tech stocks took a hit, with major players like Apple and Facebook dragging down the market. A whistleblower from Facebook is set to testify before Congress, potentially leading to tighter regulations on the platform. Discussions also highlight Senator Warren's calls for investigations into the Federal Reserve's trading practices, reflecting growing concerns over corporate accountability and regulatory oversight.
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Oil Prices Soar
- OPEC's decision to not increase crude oil production has driven U.S. oil prices to a seven-year high.
- This move comes despite global energy concerns and pressure from the White House.
OPEC's Strategy
- OPEC is sticking to its gradual production increase plan, ignoring calls for faster action.
- The reasons behind this decision remain opaque, with limited communication from OPEC officials.
Facebook's Troubles
- Facebook's stock plummeted nearly 5% after a global outage and whistleblower revelations.
- Frances Haugen, the whistleblower, claims Facebook prioritizes profits over user safety.