Oil prices were lower today as US inflation data implied a softening of the US economy. “The economic data, which is mixed, is helping to argue for interest rate cuts for the Fed, which is supportive of oil demand,” said John Kilduff, partner with Again Capital LLC. “At the same time, those cuts are going to come because the economy is slowing and that impacts oil demand.” Reports on consumer and producer prices earlier in February signaled sticky inflation and a guarded approach from Fed policymakers, which prompted investors to push back expectations of rate cuts to June from March. WTI traded down $.28 to close at $78.26. Brent traded down $.06 to close at $83.62.