Afternoon Coffee: Shippers Oppose Rail Merger, Oil Prices Fall to Near 7-Year Low

A new survey found the majority of rail shippers are against a possible merger of Canadian Pacific Railway and Norfolk Southern Corp. The survey released by Cowen and Co. pointed to fears of higher prices and fewer shipping options for lack of support for the merger.

Oil prices fell below $37 a barrel today, the lowest price February 2009, as the supply glut continues. Yesterday, oil prices settled at $37.65 a barrel.

In the midst of continued falling oil prices, Anglo American also announced today it would expand job cuts and and reduce operating costs in 2016 by $1.1 billion.  

Amazon announced it will launch its own fleet of trucks to transport products between the company’s warehouses in the U.S. The trucks will be driven by third-party drivers.


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