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Crude Oil Slides Toward $60

Crude oil futures were lower Tuesday morning ahead of U.S. oil inventories data.

The American Petroleum Institute is out with its weekly report this afternoon, followed by the government's data Wednesday morning.

U.S. oil inventories have been rising over the past few weeks, putting a cap on oil prices.

WTI light sweet crude oil was down 50 cents at $60.87 a barrel. Traders considered another tame U.S. inflation report.

The annualized rate of core inflation was up only 1.8%, once again short of the Federal Reserve's 2% target.

Last week, it ws announced that the U.S. created 313,000 new jobs in February, the biggest gain since mid-2016. However, the 12-month increase in worker pay declined to 2.6% from 2.8%, a sign that wages may not be rising as quickly as imagined.

by RTTNews Staff Writer

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