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Oil slipped on Thursday as a U.S. interest rate hike pushed up the dollar and increased fears of a global recession that would crimp fuel demand, although losses were capped by concerns over tight supply.
Brent crude dropped 85 cents, or 0.9 percent, to $95.30 a barrel at 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.01, or 1.1 percent, to $88.99.
Both benchmarks settled up more than $1 on Wednesday, aided by another drop in U.S. oil inventories, even as the Fed boosted interest rates by 75 basis points and Chair Jerome Powell said it was premature to think about pausing rate increases.
A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said.
