Afternoon Coffee: IEA Predicts Oil Prices Will Reach $80, Cyber Monday Sales Top $3B

Oil prices are set to increase in the next couple of years as current prices are “not sustainable,” according to the International Energy Agency. Fatih Birol, head of the IEA, suspects that beginning in 2017, oil will begin climbing and reach $80 a barrel.

Cyber Monday sales reached more than $3 billion, with about 25% of that coming from purchases on mobile devices. Sales topped expectations, showing that perhaps some of the website outages during the day did not impact buying activity.

Productivity at U.S. businesses increased during the third quarter at an annual rate of 2.2%. Labor costs, however, also increased 3%, the Labor Department reported.

The U.S. Food and Drug Administration has expanded its food recall due to possible E.coli bacteria contamination. The recall, which began with contaminated celery sold at Costco, now includes more than 155,000 grocery store items and major retailers like Walmart, Target, Sams’ Club and Safeway.

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