Afternoon Coffee: Crude Production Push Oil Prices Down, US Trade Deficit Narrows

While crude oil inventories fell 1.9 million barrels last week, production in the US increased by 20,000 barrels – news that impacted oil prices today. Brent crude dropped 1.9% to $64.22 a barrel.

Imports fell and exports increased during April, causing the US trade deficit to decrease by a level not seen since early 2009. Imports were down 3.3% to $230.8 billion and exports rose 1% to 189.9 billion last month.

The Institute for Supply Management’s Non-Manufacturing Index came in at 55.7% for May, a drop from April, but still shows the sector is expanding. Business activity also took a slight 2.1% dip to 59.5% and new orders sank 2.3% to 57.9%.

Supply management and enterprise CLM provider Selectica, Inc. announced it has appointment Patrick Stakenas, formerly from Gartner, as president and CEO and director for the firm.

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