Oil, fundamental analysisCrude prices hovered in a tight $2.30/bbl range this week as indecision on direction led to consolidation. However, the agency also increased its supply forecast for this year by 200,000 b/d to 2.7 million b/d and to 2.1 million b/d next year. Core inflation, removing energy and food, rose 3.1% alone (grocery prices rose 0.6% from August). Oil prices will gain support with the former choice whereas, economic concerns with the latter could send prices lower. The Energy Information Administration’s (EIA) Weekly Petroleum Status Report indicated that commercial crude oil inventories for last week increased while total US oil production was 13.5 million b/d vs. 13.3 last year at this time.