Afternoon Coffee: Oil Prices Fall Due to Economic Concerns and Stockpile Gains, US Factory Orders Drop in May

Angus/Adobe Stock Angus/Adobe Stock

U.S. crude oil prices fell nearly 4% today to $47.10 a barrel due to growing oil stockpiles and economic concerns following the Brexit. Brent crude was also down 3.7% today.

Oil prices likely won’t make any significant gains for the remainder of 2016, according to Vitol Group, the world’s largest independent oil trading house. Vitol Group CEO Ian Taylor told Bloomberg the international benchmark will likely stay around $50 in 2016 and rise to near $60 by the end of 2017.

Orders for manufactured goods at U.S. factories fell 1% in May, according to the Commerce Department. Orders are down nearly 2% for the year compared to 2015.

The National Highway Traffic Safety Administration is investigating certain models of Ford Explorers for possible carbon monoxide exposure and to determine if a recall is needed. The NHTSA said it received 154 complaints of people smelling “exhaust odors” in the car.


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