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.
Brent crude shed 37 cents, or 0.4%, to $95.79 a barrel at 0426 GMT, while U.S. West Texas Intermediate crude futures dipped 60 cents, or 0.7%, to $89.40.
A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said.A strong dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. Stephen Innes, managing partner of SPI Asset Management, said that it was surprising oil had proved so resilient after the move by the Federal Reserve, but he noted there were a couple of fundamental factors putting a floor under prices.on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February.
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