U.S. November inflation fell slightly short of expectations, sparking an early attempt at a rebound in oil prices, pushing U.S. oil futures below $70 a barrel and erasing gains made late last week and yesterday. CPI rose 0.1% m/m, higher than expectations of 0%. Mizuho Bank's Robert Yawger said: "The CPI report lowered expectations for an early rate cut by the Fed, which in part means that the economy will have a hard landing... Demand is more likely to be undermined. He added that the market is waiting for the EIA to release its short-term energy outlook, which could also have some impact.