Oil prices fell today as lingering US inflation looked likely to keep interest rates higher for longer. “The market is very focused on gasoline demand in the U.S. because there are signs that consumers are cutting back because of inflation. Unless that turns around, the market is suggesting things could be a little bleak,” said Phil Flynn, an analyst at Price Futures Group. Ahead of this weekend’s Memorial Day holiday, which kicks off the U.S. peak summer driving season, retail gasoline prices fell for the fourth consecutive week to $3.58 per gallon on Monday, the Energy Information Administration (EIA) said in its gasoline and diesel fuel update. The U.S. will sell the nearly 1 million barrels of gasoline in a reserve in northeastern states, with bids due on May 28, the Department of Energy said on Tuesday. U.S. diesel prices have also slipped, according to the EIA, down 5.9 cents on the week on Monday, at $3.89 per gallon. WTI traded down $.54 or -.7% to close at $79.26. Brent traded down $.83 or -1% to close at $82.88.