Crude oil prices tumbled Wedesday, trimming this week’s gains, after Fed Chair Janet Yellen said US interest rates may rise in December.
Dec. oil lost $1.58, or 3.3%, to settle at $46.32/bbl on Nymex.
“If the incoming information supports that expectation, then or statement indicates that December would be a live possibility,” Yellen told a House Financial Services panel.
New York Fed President William Dudley echoes her remarks later in the day.
“I completely agree with Chair Yellen…it is a live possibility, but let’s see what the data shows,” Dudley said at a press briefing.
Private sector employment in the U.S. increased roughly in line with economist estimates in the month of October, according to a report released by payroll processor ADP on Wednesday.
The report said the private sector added 182,000 jobs in October following a downwardly revised increase of 190,000 jobs in September.
The material has been provided by InstaForex Company – www.instaforex.com