Oil Prices Fall On Renewed Inflation Fears

Crude oil prices started the week with a loss as traders await the latest inflation reading from the United States and the market prices in Russia’s stated plans to reduce oil production by half a million barrels. The Bureau of Labor Statistics is releasing its consumer price index report for January tomorrow but a revision of December figures released last Friday showed that CPI for the last month of 2022 actually increased instead of decreasing as initially reported by the BLS. The January reading is seen by analysts at 0.4 percent, according…