Oil prices were lower today as crude inventories unexpectedly rose last week. Crude inventories rose 1.4MM/bbls, compared to estimates for a 2.2MM/bbls drop. “That six week draw was a pretty impressive but that’s in the rearview mirror. The fact that we snapped the streak should weigh on prices a little bit,” said Robert Yawger, director of energy futures at Mizuho in New York. Gasoline and distillate inventories also fell more than expected. U.S. consumer prices rose moderately in July and the annual increase in inflation slowed to below 3% for the first time since early 2021, strengthening expectations the Federal Reserve will cut interest rates next month. WTI traded down $1.37 or -1.8% to close at $76.98. Brent traded down $.93 or -1.15% to close at $79.76.