Afternoon Coffee: OPEC Members Call for Oil Production Freeze, Wal-Mart to Buy

Angus/Adobe Stock Angus/Adobe Stock

Some members of the Organization of the Petroleum Exporting Countries (OPEC) have called for an oil production freeze at a time when oil supplies are outpacing demand. The news led to increases in oil prices today, with Brent futures trading at $44.87 per barrel, up 1.36%.

Wal-Mart agreed to buy online retailer for approximately $3.3 billion in one of the largest acquisitions of an e-ccomerce company. will reportedly help Wal-Mart develop a shopping experience targeted at millennials.

Major retailer Target is also in the news. The company said it would begin selling Amazon-branded devices online again. Target has not sold Amazon devices, such as Kindle e-readers and Fire tablets, since 2012 due to a “conflict of interest.”

FedEx Ground plans to build a distribution hub near Philadelphia that will employ about 700 people and serve the company’s growing ground shipping business. The hub will be the largest of all FedEx’s warehouses and logistics centers in the U.S. at 800,000 square feet (the size of 14 football fields).


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