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Welcome to FirstFT. Here are today's top stories.
Oil prices have had their biggest fall in more than a year after inventories of US crude reached a new high. The Energy Information Administration said that stocks of US oil had grown more than expected, while oil purchases from refineries had dropped. Fears of a glut in oil supply have now hit currency markets and energy shares.
Uber has pledged to stop using its so-called "greyball" system. The tool, which was revealed last week, has been used to automatically cancel rides requested by users identified as regulatory officials or competitors. Uber insists the system is fully legal, but its existence has provoked the latest in a series of controversies to hit the company in the past month.
And US insurance company AIG is to set up a new base in Luxembourg because of Brexit. The company fears that it will lose passporting rights when the UK leaves the EU, and said it needed an alternative location to London from which to service its EU business.
For more of today's top stories, go to ft.com/firstft.
