Good morning from the Financial Times.
Today is Friday, August 7th, and this is your FT News Briefing.
A refining crunch is keeping fuel prices high and Google shifts control of its AI efforts to San Francisco.
Plus, we take you inside a Haitian community where tens of thousands are facing deportation after the U.S.
Revoked their protected status.
I'm Victoria Craig, and here's the news you need to start your day.
Global crude oil prices have been well off their wartime highs,
so you might expect prices to also come down for refined products that are made from crude.
But that has not been the case.
Diesel and petrol are trading close to record premiums over crude oil.
For example, diesel currently costs $70 a barrel more than crude, and that is much higher than the usual $20 premium.
Joining me now to discuss why fuel prices are staying high even as crude falls is Verity Ratcliffe.
She's the FT's energy correspondent.
Hi, Verity.
Hi.
So walk me through this.
Why are the premiums so high?
What's going on?
What we often focus on crude prices, when we talk about oil, it's typically...
Oil futures is Brent futures.