Crude Oil Sinks Toward USD60 Ahead Of Inventories

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WASHINGTON (Alliance News) - Crude oil futures were lower Tuesday amid expectations that US oil inventories rose for a third week in a row.

The American Petroleum Institute is out with its weekly report this afternoon, followed by the government's data Wednesday morning.

April WTI oil was down 65 cents, or 1.1%, to settle at USD60.71/bbl

The annualized rate of core inflation was up only 1.8%, once again short of the Federal Reserve's 2% target.

On Wednesday, the Labor Department is scheduled to release a separate report on producer prices in the month of February.

Producer prices are expected to inch up by 0.1%, while core producer prices are expected to rise by 0.2%.

Copyright RTT News/dpa-AFX