Afternoon Coffee: IEA Expects Global Oil Oversupply to Ease, US Business Inventories Drop

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Global crude oil production is expected to slow down, even lag behind demand by nearly 1 million barrels per day, according to estimates from the International Energy Agency. The Paris-based group said it expects no oversupply of oil during the second half of 2016.

U.S. business inventories increased 0.2% in June, the Commerce Department reported today. However, business sales experienced growth in June, causing the inventory-to-sales ratio to fall to 1.39, the lowest since August 2015.

U.S. producer prices dropped 0.4% in July, according to the Labor Department’s producer price index. The drop was an unexpected turn due to declining costs of services and energy products and comes after a 0.5% increase in June., the procurement-focused online business community, released a new mobile app for iPhone users. Procurious Founder Tania Seary said the app was developed in response to demand from members.


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