Traders Prepare for U.S. Inflation Data, Oil Prices Drop.

Oil prices dipped as traders await the release of April inflation data, which will give an idea about further interest rate hikes from the Fed. Despite economic concerns, some analysts have begun to call the bottom for oil prices as inventories continue to decline. The oil market is bracing up for even more volatility as traders rush to the exits amid continued fears for the state of the U.S. economy and global inflation trends.