Oil slipped on Thursday as a U.S. interest rate hike pushed up the dollar and fuelled fears of a global recession, although losses were capped by concerns over tight supply, News.Az reports citing Reuters.

Brent crude shed 37 cents, or 0.4%, to $95.79 a barrel at 0426 GMT, while U.S. West Texas Intermediate (WTI) crude futures dipped 60 cents, or 0.7%, to $89.40.

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.

News.Az