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.
The U.S. Federal Reserve is seen ramping up its battle with 40-year high inflation with a supersized 100 basis points rate hike this month after a grim inflation report showed price pressures accelerating. read more
The Fed rate hike is expected to follow a similar surprise move by the Bank of Canada on Wednesday.
