Oil Prices Inch Lower On Hot Inflation Data

Crude prices fell on Tuesday morning, ahead of the weekly crude inventory reports, as August inflation data came in hotter than expected.   Chart of the Week Gas-to-Oil Switching Counteracts Recession Fears - Despite the drop-off in European spot prices, the cost of natural gas remains prohibitively high, paving the way for global gas-to-oil switching in the power generation industry. - Refiners and energy-intensive industries are already adding some 350,000 b/d of incremental oil demand, coming from the burning of fuel oil and other oil products…