Oil prices were lower today after US data stoked concerns that interest rates may stay high. Producer prices increased more than expected in April. Fed Chair Jerome Powell said he expects US inflation to keep declining through 2024 but warned he is less confident now. “The inflation story is not under control that is pulling demand back a bit and the thing that rubbed a little salt in the wound was Powell’s comments”, said Tim Snyder, economist at Matador Economics. Wildfires in Canada put a floor under prices. Firefighters were racing to contain one blaze in BC and two in Alberta near the heart of the oil sands industry. WTI traded down $1.10 or -1.39% to close at $78.02. Brent traded down $.98 or -1.18% to close at $82.38