Afternoon Coffee: Oil Prices Rise Due to Production Drop, McDonald’s Promises to Rid Supply Chain of Deforestation

Oil prices were up today after the US Energy Information Administration reported oil production fell 18,000 barrels per day in the last week. Brent crude hit $62.74 a barrel, an increase of 66 cents, and US crude rose 20 cents to $58.81.

McDonald’s announced this week it would end deforestation in its supply chain, pledging not to buy from suppliers that source commodities from critical forest areas. The major fast food chain joins other companies like Dunkin Donuts and Krispy Kreme that have made similar promises.

Telsa Motors Inc. is looking to become a leading supplier of energy storage. The electric car maker is selling batteries for commercial uses and recently signed a deal with Walmart.

Tesco experienced one of the biggest annual losses ever for a UK retailer with a drop of $9.5 billion.

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