Oil prices were lower today after three straight weeks of gains as economic and interest rate concerns outweigh supply-side fundamentals. Initial US jobs data continues to point to a tight labor market, which could give the Fed more room to keep raising rates. Wednesday’s inflation report could also help investors gauge interest rate trajectory. “We look for this week’s trade to be heavily influenced by inflation data featured by Wednesday’s CPI and Thursday’s PPI that will likely revive the specter of higher interest rates that could strengthen the U.S. dollar,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. WTI traded down $0.94 or -0.1% to close at $79.74. Brent traded down $0.96 or -0.2% to close at $84.58.