Crude Oil Lower After U.S. Inflation Surprise; More Rate Hikes Feared

[{"selector":"#anim-1eb13e81-0dde-4072-a7c9-5deb44015ffb","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6244b218-b2ca-4508-9900-48af39dc41fc","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Investing.com -- Oil prices fell Tuesday after stronger than anticipated U.S. inflation figures boosted the dollar on renewed expectations of further aggressive U.S. rate hikes, potentially curbing economic activity. Investing.com -- Oil prices fell Tuesday after stronger than anticipated U.S. inflation figures boosted the dollar on renewed expectations of further aggressive U.S. rate hikes, potentially curbing economic activity.

Fill in some tBy 09:10 ET (13:10 GMT), U.S. crude futures traded 0.3% lower at $87.56 a barrel, while the Brent contract fell 0.4% to $93.54.ext

U.S. Gasoline RBOB Futures were up 0.4% at $2.4548 a gallon.

[{"selector":"#anim-3678257c-01bd-43e2-b1b5-09f4ba3f751f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8c33822e-debb-49b0-a065-9def0cfd90dc","keyframes":{"transform":["rotate(-359deg) translate3d(0px, 414.86931%, 0) rotate(359deg)","rotate(-359deg) translate3d(0px, 0px, 0) rotate(359deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

the annual core inflation rate up to 6.3% from 5.9% in July. That's the highest it's been since March. the annual core inflation rate up to 6.3% from 5.9% in July. That's the highest it's been since March.

Morgan Stanley has cut its price outlook for the third quarter by $12 a barrel to $98 and for the fourth quarter by $5 to $95, while UBS reduced its year-end forecast for Brent by $15 a barrel to $110.

[{"selector":"#anim-8e762390-6f59-4894-909b-15467e5a0d3a","keyframes":[{"offset":0,"transform":"translate3d(0, -208.73754%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -58.696996248%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -19.955308824%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -7.493677686%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -3.256305624%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}]

traders will focus on the publication of OPEC’s monthly report, for clues on how the group of top producers see the outlook for demand progressing, while the release of American Petroleum Institute inventory data for last week is due at 16:30 ET (20:30 GMT).

[{"selector":"#anim-b84d8e52-ca3e-4438-9341-8afea8557e12","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dab64827-de9f-4a30-96fa-aaa61eeed64b","keyframes":{"transform":["translate3d(0px, -141.51447%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]