Afternoon Coffee: Oil Prices Drop Due to Oversupply Fears, East Coast Port to Deepen Harbor

Afternoon Coffee

Oversupply worries have pushed down oil prices today. Crude oil prices dropped 1% to $59.10 a barrel on the New York Mercantile Exchange today and Brent crude fell 0.6% to $62.85.

The Port of Charleston in South Carolina received a green light to deepen its harbor to be able to handle larger container ships. The US Army Corps of Engineers approved the project that was first proposed back in 2011.

More data out today shows US consumer sentiment is rising. University of Michigan’s consumer sentiment index registered at 96.1 for June – up from the 90.7 in May.

Another slightly embarrassing oversight has caused another recall for popular yoga wear maker Lululemon Athletica. The company is recalling more than 300,000 women’s tops because the elastic drawstrings on them have whipped wearers in the face and caused numerous injuries.

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