Oil prices fell today trading down more than 3% on softening demand. In the U.S., the consumer price index unexpectedly rose in November, further bolstering the view the Federal Reserve was unlikely to cut interest rates early next year. Higher rates for longer could slow economic growth and speaks to a softening oil demand picture, said John Kilduff, partner with Again Capital LLC. Global oil demand growth is expected to slow in 2024 with OPEC and the International Energy Agency split on the extent. OPEC and the IEA both update their forecasts this week. “Negative sentiment towards the oil complex is still overpowering at the moment,” Kpler analyst Matt Smith said. WTI traded down $2.71 or -3.8% to close at $68.61. Brent traded down $2.79 or 3.7% to close at $73.24.