Afternoon Coffee: New iPhone Sales Top 13 Million Over Weekend, Shell Suspends Arctic Drilling

Apple set a new sales record this past weekend with the release of the iPhone 6s and 6s Plus smartphones, selling more than 13 million of the devices. Sales beat analysts’ expectations and topped the 10 million units sold during the first weekend the iPhone 6 was released.

Royal Dutch Shell is pulling out of the Arctic, announcing it will cease drilling for oil in the area off the Alaska coast due to unsuccessful exploratory wells. Shell determined after drilling wells that the amount of oil and gas was not sufficient enough to continue exploration.

Oil prices in the US fell today due to continued concerns over the global economy. West Texas Intermediate crude futures fell nearly 2% to $44.82 a barrel – a price analysts expect to remain around for the rest of the week.

US consumer spending rose 0.4% in August compared to July, the Commerce Department reported today. The increase was led by purchases of durable goods like cars.


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