LONDON—Oil slipped on Thursday as an increase to U.S. interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand, though losses were capped by concern over tight supply.
Brent crude dropped by $1.19, or 1.2 percent, to $94.97 a barrel by 1135 GMT while U.S. West Texas Intermediate (WTI) crude futures fell $1.31, or 1.5 percent, to $88.69.
Both benchmarks had gained more than $1 on Wednesday, aided by another drop in U.S. oil inventories, even as the U.S. Federal Reserve boosted interest rates by 75 basis points and Chair Jerome Powell said it was premature to consider pausing rate increases….