Oil prices were slightly lower today on bearish economic data. U.S. consumer prices increased solidly in February, the U.S. Bureau of Labor Statistics said, pinning nagging inflation largely on higher costs for gasoline and shelter. “This does show a second month of an increase,” said Tim Snyder, an economist at Matador Economics, noting the numbers were still within expectations. “Consensus in the markets says the Fed will not move to lower rates until June,” he added. On the supply side, U.S. Energy Information Administration (EIA) raised its 2024 outlook for domestic oil output growth by 260,000 barrels per day to 13.19 million barrels, versus a previously forecast rise of 170,000 bpd. WTI traded down $.37 to close at $77.56. Brent traded down $2.29 to close at $81.92.