Oil Prices Tumble More Than $2 Ahead of Potential Large US Rate Hike

Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, on Oct. 5, 2017. Grigory Dukor/Reuters

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.