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Crude Oil Lower Ahead Of Inflation Data

Crude oil prices fell Monday ahead of closely watched U.S. inflation data that may set the stage for interest rate hikes.

The U.S. consumer price and producer price readings come out this week. If inflation picks up analysts say the Federal Reserve might raise interest rates four times this year. A stronger dollar would likely dent oil prices.

April WTI oil lost 68 cents, or 1.1%, to settle at $61.36/bbl.

On Friday, Baker Hughes said the U.S. rig count dropped for the first time in seven weeks.

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