Oil prices fall after U.S. rate hike, but tight supply still in focus | Reuters

Oil prices fall after U.S. rate hike, but tight supply still in focus | Reuters

Oil prices erased early gains to head lower on Thursday, a day after a fall triggered by a U.S. interest rate hike, though tight supply limited losses.

Brent crude futures were down 45 cents, or 0.4%, to $118.06 a barrel by 0906 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 44 cents to $114.87, also off 0.4%.

Both contracts broadly stayed within the previous session's range.

Prices slipped more than 2% overnight after the Federal Reserve raised its key interest rate by 0.75%, the biggest hike since 1994.