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Crude Oil Sinks Toward $60 Ahead Of Inventories

Crude oil futures were lower Tuesday amid expectations that U.S. oil inventories rose for a third week in a row.

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

April WTI oil was down 65 cents, or 1.1%, to settle at $60.71/bbl

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

On Wednesday, the Labor Department is scheduled to release a separate report on producer prices in the month of February.

Producer prices are expected to inch up by 0.1 percent, while core producer prices are expected to rise by 0.2 percent.

by RTTNews Staff Writer

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