Afternoon Coffee: Oil Prices Fall as Inventories Drop, FedEx Post Quarterly Losses Kaitlyn McAvoy - June 17, 2015 12:42 PM | Categories: Afternoon Coffee | Tags: General News US oil and fuel inventories declined last week, pushing oil prices down slightly today in trading. The Energy Information Administration reported US refineries were operating at 93.1% capacity last week, compared to 94.6% the previous week. FedEx this morning reported quarterly losses of $895 million and lower-than-expected revenue, which hit $12.11 billion. The lackluster data is due in large part to pension costs. U.S. network equipment maker Cisco announced it would invest more than $10 billion to expand its reach in China. US consumer spending on Father’s Day is expected to reach $13 billion, according to the National Retail Federation. However, turns out we still spend more on Mom, with Mother’s Day spending hitting $21 billion. SIGN UP for the Spend Matters newsletter Dirty Rotten Spendrels Discuss this: Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Notify me of follow-up comments by email. Notify me of new posts by email.