Afternoon Coffee: Oil Prices Reach 2016 High, Import Prices Rise for First Time in 9 Months


Brent oil prices hit $44 a barrel today, the highest price of 2016 so far. The increase in price came after Saudi Arabia and Russia said they would agree to an oil production freeze even if Iran does not join the effort to reduce the global oil glut.

U.S. import prices increased 0.2% in March, marking the first time import prices rose in nine months. The bump was largely due to an increase in the 6.5% jump in petroleum import prices.

Spend management solution provider SciQuest announced today it released its Total Contract Manager solution – what the company said was the “industry’s first and only suite-based contract lifecycle solution to include individual obligations authoring and management.”

The International Monetary Fund is warning about sluggish growth in China, Brazil, India and Turkey and the impact they may have on the global economy. The pace of growth for these emerging economies is about 2% below the average of the last 10 years, The New York Times reported.


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