WTI Extends Losses Despite Cushing Stocks Tumbling To 6-Month Lows

Oil prices are lower this morning - following bond yields, bitcoin and big-cap all lower post-CPI - erasing the small gains overnight following API's reported big crude draw. "Macroeconomic eyes remain very much glued on the state of inflation in the United States this week. With US PPI coming in 0.1% softer-than-expected yesterday, any such replication in the CPI reading today will hear not only a clamour of calls for the US Federal Reserve to cut interest rates but see another bout of speculative equity buying," PVM Oil Associates noted....