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Panel Meets Facebook’s Sandberg, Says Russia Ads May Be Released

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Sheryl Sandberg
  • Panel Meets Facebook’s Sandberg, Says Russia Ads May Be Released

The House Intelligence Committee hopes to release campaign ads that Russians purchased on Facebook Inc. as soon as possible, leaders of the panel’s investigation of election-meddling said after meeting with company Chief Operating Officer Sheryl Sandberg.

“We’ve asked for Facebook’s help to help scrub any personally identifiable information, but it’s our hope that when they conclude, then we can release them publicly,” top Intelligence Committee Democrat Adam Schiff told reporters Wednesday.

Investigation leader Michael Conaway, a Texas Republican, said any release would likely come after a Nov. 1 hearing at which officials from Facebook, Alphabet Inc.’s Google and Twitter Inc. are expected to testify.

“We expect to have the three largest platforms there,” said Conaway.

Sandberg made the trip to give an update on Facebook’s investigation and explain how the social network was working to protect its users from future election interference, including investments in staff and security, according to a person familiar with the matter.

The Facebook executive told lawmakers that if Congress wishes to release the ads, they should first be scrubbed of personally identifying information, and she told them what private information to obscure, said the person, who asked not to be identified because the meetings were private.

“These were really productive meetings. We discussed the 3,000+ ads we provided to the US investigators to help them better understand Russian efforts to undermine our democracy,” Sandberg said in a Facebook post afterward. “We reiterated that Congress is best placed to decide if and when the ads should be made available to the American people.”

Stirring Tension

Sandberg also held separate meetings with House Majority Leader Kevin McCarthy of California and House Energy and Commerce Chairman Greg Walden of Oregon, and with several House Democrats, led by House Minority Leader Nancy Pelosi of California. Sandberg plans to meet Thursday with members of the Congressional Black Caucus to discuss race-related ads on the network.

Advertisements run by a Russian organization on Facebook before and after the U.S. presidential election were meant to stir tension in the country, especially on divisive issues such as race, immigration and guns, congressional investigators have said.

Operatives traced to the Russian government created a Facebook group called United Muslims of America that published outlandish, false claims, including that Senator John McCain founded Islamic State, the Daily Beast reported.

The New York Times reported that another Facebook group linked to Moscow called Secure Borders took aim at immigrants with an ad that showed Trump wearing a Santa costume and saying: “We are going to say Merry Christmas again!” The ad targeted Americans opposed to political correctness and multiculturalism.

The lawmakers didn’t give details of their meetings with Sandberg, though Schiff said Facebook officials “certainly realize the intense interest in what the Russians did on their platform, the responsibility they have on their own to ferret this material out.” The company also wants help from the intelligence community in identifying foreign bad actors, he said.

“We’re going to want to get a complete sense of what the Russians are doing on their platform and others,” Schiff said. “Not just the advertising but all the downstream consequences of that advertising, all the things they were pushing out through non-advertising on these platforms.”

Walden said, “I think Facebook is very committed to doing the right thing” in trying to identify foreign agents using social networks to divide the country.

“They’ve been aggressive in trying — when they’ve learned who those people are — to go after them and shut down the sites. And they are pledging to do even more going forward,” Walden said. “People are figuring out how to use and manipulate a system that was built for good to bad ends.”

Facebook has turned over more than 3,000 ads purchased by Russian entities to congressional investigators. Twitter has said it provided a roundup of advertisements by RT, a TV network funded by the Russian government that was formerly known as Russia Today.

The companies must figure out how much responsibility to take and how much change to promise, without succumbing to costly regulation or setting a precedent that might be difficult to follow in other countries. Some lawmakers have said they want to ensure that people know who has paid for online political ads.

Facebook for years has sought exemptions from political-ad disclosure rules — but the company recently said it’s working on ways to show who pays for ads. It also indicated it might be open to some regulation regarding transparency.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Brent Crude Hovers Above $84 as Demand Rises in U.S. and China

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Crude Oil - Investors King

Brent crude oil continued its upward trajectory above $84 a barrel as demand in the United States and China, the two largest consumers of crude globally increased.

This surge in demand coupled with geopolitical tensions in the Middle East has bolstered oil markets, maintaining Brent crude’s resilience above $84 a barrel.

The latest data revealed a surge in demand, particularly in the U.S. where falling crude inventories coincided with higher refinery runs.

This trend indicates growing consumption patterns and a positive outlook for oil demand in the world’s largest economy.

In China, oil imports for April exceeded last year’s figures, driven by signs of improving trade activity, as exports and imports returned to growth after a previous contraction.

ANZ Research analysts highlighted the ongoing strength in demand from China, suggesting that this could keep commodity markets well supported in the near term.

The positive momentum in demand from these key economies has provided a significant boost to oil prices in recent trading sessions.

However, amidst these bullish indicators, geopolitical tensions in the Middle East have added further support to oil markets. Reports of a Ukrainian drone attack setting fire to an oil refinery in Russia’s Kaluga region have heightened concerns about supply disruptions and escalated tensions in the region.

Also, ongoing conflict in the Gaza Strip has fueled apprehensions of broader unrest, particularly given Iran’s support for Palestinian group Hamas.

Citi analysts emphasized the geopolitical risks facing the oil market, pointing to Israel’s actions in Rafah and growing tensions along its northern border. They cautioned that such risks could persist throughout the second quarter of 2024.

Despite the current bullish sentiment, analysts anticipate a moderation in oil prices as global demand growth appears to be moderating with Brent crude expected to average $86 a barrel in the second quarter and $74 in the third quarter.

The combination of robust demand from key economies like the U.S. and China, coupled with geopolitical tensions in the Middle East, continues to influence oil markets with Brent crude hovering above $84 a barrel.

As investors closely monitor developments in both demand dynamics and geopolitical events, the outlook for oil prices remains subject to ongoing market volatility and uncertainty.

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Brent Plunges Below $83 Amidst Rising US Stockpiles and Middle East Uncertainty

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Brent crude oil - Investors King

The global oil declined today as Brent crude prices plummeted below $83 per barrel, its lowest level since mid-March.

This steep decline comes amidst a confluence of factors, including a worrisome surge in US oil inventories and escalating geopolitical tensions in the Middle East.

On the commodity exchanges, Brent crude, the international benchmark for oil prices, experienced a sharp decline, dipping below the psychologically crucial threshold of $83 per barrel.

West Texas Intermediate (WTI) crude oil, the US benchmark, also saw a notable decrease to $77 per barrel.

The downward spiral in oil prices has been attributed to a plethora of factors rattling the market’s stability.

One of the primary drivers behind the recent slump in oil prices is the mounting stockpiles of crude oil in the United States.

According to industry estimates, crude inventories at Cushing, Oklahoma, the delivery point for WTI futures contracts, surged by over 1 million barrels last week.

Also, reports indicate a significant buildup in nationwide holdings of gasoline and distillates, further exacerbating concerns about oversupply in the market.

Meanwhile, geopolitical tensions in the Middle East continue to add a layer of uncertainty to the oil market dynamics.

The Israeli military’s incursion into the Gazan city of Rafah has intensified concerns about the potential escalation of conflicts in the region.

Despite efforts to broker a truce between Israel and Hamas, designated as a terrorist organization by both the US and the European Union, a lasting peace agreement remains elusive, fostering an environment of instability that reverberates across global energy markets.

Analysts and investors alike are closely monitoring these developments, with many expressing apprehension about the implications for oil prices in the near term.

The recent downturn in oil prices reflects a broader trend of market pessimism, with indicators such as timespreads and processing margins signaling a weakening outlook for the commodity.

The narrowing of Brent and WTI’s prompt spreads to multi-month lows suggests that market conditions are becoming increasingly less favorable for oil producers.

Furthermore, the strengthening of the US dollar is compounding the challenges facing the oil market, as a stronger dollar renders commodities more expensive for investors using other currencies.

The dollar’s upward trajectory, coupled with oil’s breach below its 100-day moving average, has intensified selling pressure on crude futures, exacerbating the latest bout of price weakness.

In the face of these headwinds, some market observers remain cautiously optimistic, citing ongoing supply-side risks as a potential source of support for oil prices.

Factors such as the upcoming June meeting of the Organization of the Petroleum Exporting Countries (OPEC+) and the prospect of renewed curbs on Iranian and Venezuelan oil production could potentially mitigate downward pressure on prices in the coming months.

However, uncertainties surrounding the trajectory of global oil demand, geopolitical developments, and the efficacy of OPEC+ supply policies continue to cast a shadow of uncertainty over the oil market outlook.

As traders await official data on crude inventories and monitor geopolitical developments in the Middle East, the coming days are likely to be marked by heightened volatility and uncertainty in the oil markets.

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Oil Prices Climb on Renewed Middle East Concerns and Saudi Supply Signals

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Crude oil

As global markets continue to navigate through geopolitical uncertainties, oil prices rose on Monday on renewed concerns in the Middle East and signals from Saudi Arabia regarding its crude supply.

Brent crude oil, against which Nigeria’s oil is priced, surged by 51 cents to $83.47 a barrel while U.S. West Texas Intermediate crude oil rose by 53 cents to $78.64 a barrel.

The recent escalation in tensions between Israel and Hamas has amplified fears of a widening conflict in the key oil-producing region, prompting investors to closely monitor developments.

Talks for a ceasefire in Gaza have been underway, but prospects for a deal appeared slim as Hamas reiterated its demand for an end to the war in exchange for the release of hostages, a demand rejected by Israeli Prime Minister Benjamin Netanyahu.

The uncertainty surrounding the conflict was further exacerbated on Monday when Israel’s military called on Palestinian civilians to evacuate Rafah as part of a ‘limited scope’ operation, sparking concerns of a potential ground assault.

Analysts warned that such developments risk derailing ceasefire negotiations and reigniting geopolitical tensions in the Middle East.

Adding to the bullish sentiment, Saudi Arabia announced an increase in the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe, and the Mediterranean in June.

This move signaled the kingdom’s anticipation of strong demand during the summer months and contributed to the upward pressure on oil prices.

The uptick in prices comes after both Brent and WTI crude futures posted their steepest weekly losses in three months last week, reflecting concerns over weak U.S. jobs data and the timing of a potential Federal Reserve interest rate cut.

However, with most of the long positions in oil cleared last week, analysts suggest that the risks are skewed towards a rebound in prices in the early part of this week, particularly for WTI prices towards the $80 mark.

Meanwhile, in China, the world’s largest crude importer, services activity remained in expansionary territory for the 16th consecutive month, signaling a sustained economic recovery.

Also, U.S. energy companies reduced the number of oil and natural gas rigs operating for the second consecutive week, indicating a potential tightening of supply in the near term.

As global markets continue to navigate through geopolitical uncertainties and supply dynamics, investors remain vigilant, closely monitoring developments in the Middle East and their impact on oil prices.

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