Afternoon Coffee: IEA Says Oil Demand Growth Will Slow in 2016, US Business Inventories Unexpectedly Rise in September

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Oil demand growth is expected to slow in 2016 as stockpiles have now reached a record high, the International Energy Agency said today. The agency estimated global oil demand growth will sink 3.6% next year.

U.S. business inventories increased in September 0.3%, the Commerce Department reported. Retail inventories specifically rose 0.5% in September.

Toyota has invested $1 billion in a new company called the Toyota Research Institute, which will focus on artificial intelligence research that may be applied to making safer, more accessible cars.

Alibaba set a new record for "singles' day" earlier this week, reporting $14.3 billion in sales on a single day. This was up 60% from the same shopping day last year.

 

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