Oil Falls as Fed Rate Hike Raises Fuel Demand Concerns

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic, Overlook in Culver City, Calif., on March 10, 2022. Bing Guan/Reuters

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.