Oil prices were lower today, reversing earlier gains as the CPI came in higher than expected, lifting expectations that the Fed will deliver another hefty interest rate increase. Inflation was .1% higher after remaining unchanged last month, though economics were forecasting a drop of .1%. The Fed will be meeting Tuesday and Wednesday of next week to decide and is expected to raise by 75 bps after the latest report. “The Fed may have to raise rates quicker than expected which could cause a ‘risk back off’ sentiment in crude and further strength to the dollar,” said Dennis Kissler, senior vice president of trading at BOK Financial. Rising rates will lead to a stronger dollar thus making US crude more expensive for foreign buyers. WTI traded down $0.47 or -0.5% to close at $87.31. Brent traded down $0.83 or -0.9% to close at $93.17.