LONDON—Oil prices fell more than $2 on Thursday as investors focused on the prospect of a large U.S. rate hike later this month that could stem inflation but at the same time hit oil demand.
Brent crude futures for September were down $2.14 to $97.43 a barrel at 1038 GMT after settling below $100 for a second straight session on Wednesday.
U.S. West Texas Intermediate crude for August delivery was at $93.78 a barrel, down $2.52.
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….