Oil prices rise, Brent crosses $100 a barrel ahead of possible US rate hike

Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large U.S. rate hike that would stem inflation and curb crude demand.

Brent crude futures for September climbed 68 cents, or 0.7%, to $100.25 a barrel by 0400 GMT after settling below $100 for the second straight session on Wednesday.

U.S. West Texas Intermediate crude for August delivery was at $96.85 a barrel, up 55 cents, or 0.6%, after rising 46 cents in the previous session.

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.