Oil prices were lower today as the Biden administration decided yet again to release more oil from the SPR. The SPR is already at the lowest level since 1983 and the administration is saying they will sell another 26MM/bbls based on a previous obligation. US CPI data was released today which showed a 6.4% annualized inflation rate, the lowest since late 2021 but still a very high number. The data could moderate the Federal Reserve’s approach to interest rates. “Interest rates are now at a point where every 25 basis points matter and could be the difference between a soft landing and a recession,” OANDA analyst Craig Erlam said in a note. WTI fell $1.08 or -1.4% to close at $79.06. Brent traded down $1.03 or -1.2% to close at $85.58.