By Shadia Nasralla LONDON (Reuters) -Oil prices erased early gains to fall to two-week lows on Thursday on the back of inflation concerns highlighted by interest rate hikes in the United States, Britain and Switzerland, though tight oil supply limited losses. Brent crude futures were down $1.02, or 0.9%, to $117.49 a barrel by 1330 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.17 to $114.14, off 1%. Prices slipped more than 2% overnight after the Federal Reserve raised its key interest rate by 0.75%, the biggest hike since 1994. On Thursday, European stocks tumbled after …