Key Currency Exchange Rates for Friday, 5/25/18

American Dollar to Canadian Dollar = 0.718884; American Dollar to Chinese Yuan = 0.137040; American Dollar to Euro = 1.136018; American Dollar to Japanese Yen = 0.007008; American Dollar to Mexican Peso = 0.049071.

Futures were little changed in New York after rising 8.3 percent the previous seven sessions. U.S. drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data on Friday. Libya’s oil production climbed to more than 1 million barrels a day for the first time in four years, according to a person with direct knowledge of the situation. While prices surged last week, oil in New York and London still posted a monthly loss in June after tumbling into a bear market on concerns that rising global supply will counter cuts from the Organization of Petroleum Exporting Countries and its partners. There are signs of a slowdown in the U.S., but Libya is adding more oil to the market as it restarts fields that are exempt from OPEC’s production curbs. Click Read More below for more of the story.

FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months. As two industry-leading public companies, FedEx and FedEx Freight will continue to pursue their growth strategies. The separation will allow for more customized operational execution along with more tailored investment and capital allocation strategies to serve the unique and evolving needs of both the global parcel and LTL markets. They will also maintain the strategic advantages of cooperation on key commercial, operational, and technology initiatives. Customers of both businesses will continue to enjoy the same superior service, speed, and coverage they have come to expect from FedEx.