Oil prices were lower today as traders were focused on market fundamentals seeing little near term risk of a flare up in Middle East tensions. “The fundamentals on oil are strong,” Flynn said. “The expectation is the markets are going to tighten this summer on the supply side.” Economic concerns have again become a bearish factor in the crude market, with prices under pressure due to a large build in the U.S. stockpile and a hawkish Fed that has led to a strong dollar, said Tina Teng, an independent market analyst. On the economic front, inflation is back in focus, with comments from Federal Reserve officials and a run of hotter-than-expected inflation data forcing a paring back last week of expectations of interest rate cuts. WTI traded down $.29 or -.35% to close at $82.85 Brent traded down $.29 or -.33% to close at $87.00.