Oil Prices Crash As Core U.S. Inflation Hits 40-Yr High

Oil prices fell on Thursday morning following new CPI data that showed core inflation in the United States had risen to the highest level in four decades. WTI crude prices fell 1.57% to $85.90, while Brent crude fell 1.16% to $91.38 per barrel on the news, which showed CPI came in higher than anticipated, renewing fears that the Federal Reserve could aggressively raise interest rates in November. That interest rate hike could further stymie economic growth, easing the demand for crude oil. Core inflation—a measure of price increases excluding…