Oil prices were higher today, rising to their highest level in more than a month as US inflation numbers cooled today. “The weaker U.S. CPI print has raised doubts over whether the Fed will now hike rates at all next month,” said Fawad Razaqzada, market analyst at brokerage StoneX. “Falling interest-rate expectations are reducing recession concerns and helping to support buck-denominated asset prices at the same time.” The dollar dropped sharply after this data came out. Hedge fund activity in the oil space has picked up. Meanwhile, markets shrugged off a build in crude inventories today as inventories rose by 597K/bbls, compared to a forecasted drop of 600K/bbls. WTI traded up $1.73 or 2.1% to close at $83.26. Brent traded up $1.72 or 2.01% to close at $87.33.