Afternoon Coffee: Oil Prices Hit 2016 High, 800,000 Barrels Per Day of “Missing Crude” in Global Supply Chain

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Oil prices hit above $42 a barrel today, the highest seen so far in 2016. Analysts expect oil to stabilize at $40 in the coming months as summer demand rises and as older crude inventories are used up.

The International Energy Administration was reportedly unable to account for 800,000 barrels of crude oil per day last year. This “missing crude” — at its highest level in 17 years — could have significant impacts on the current oil market.

The U.S. government is banning more hoverboards, but not for a potential fire risk. The U.S. International Trade Commission said the country will not allow any devices that infringe on hoverboard maker Segway patents into the country. Segway called the ban “significant.”

Earlier this week, Chipotle warned investors about possibly losing money this quarter if the company continues to experience food-safety outbreaks. Chipotle also announced it is bringing onboard a new executive director of food safety.

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