Afternoon Coffee: Oil Prices Fall as Inventories Drop, FedEx Post Quarterly Losses


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.

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