Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran. On Wednesday, a report from the U.S. Energy Information Administration (EIA) showed a 6.2-million-barrel jump in U.S. crude inventories C-STK-T-EIA. U.S. oil production rose to a record of 10.62 million bpd, putting it ahead of Saudi Arabia, the biggest OPEC producer. U.S. drilling for new production is also increasing, encouraged by rising prices following OPEC’s production curbs. Click Read More below for additional information.

Raj Subramaniam, chief executive of the global e-commerce and transportation company, spoke in an interview with The New York Times, published on Sunday, about his approach to technology. "Truck unloading and truck loading are a very difficult problem for robotics to solve — packages come in every size, shape, and weight," he said. He added, "We're not looking for humanoid robots — we're looking for super humanoid robots, because maybe they need to have a couple of elbows. More degrees of freedom." The executive said that FedEx is still in the pilot stage for these robots, and was "not ready for prime time yet." Beyond humanoid robots, he said, FedEx was drilling down on AI, training on data from its 17 million deliveries daily around the world to predict delivery times for its customers accurately.

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