Oil prices fall ahead of potential large U.S. rate hike | Reuters

Oil prices fall ahead of potential large U.S. rate hike | Reuters

Oil prices fell on Thursday as investors weighed tight supplies against the prospect of a large U.S. rate hike that could stem inflation and curb crude demand.

Brent crude futures for September were down 18 cents to $99.39 a barrel at 0727 GMT after settling below $100 for the second straight session on Wednesday.

U.S. West Texas Intermediate crude for August delivery was at $95.84 a barrel, down 43 cents.

Oil prices have tumbled in the past two weeks on recession concerns despite a drop in crude and refined products exports from Russia amid Western sanctions and supply disruption in Libya. read more

"It is all sentiment driven at the moment and that has caused most of the losses seen in oil markets over the last few weeks," said Howie Lee, an economist at Singapore's OCBC bank.