Crude Oil prices fell Tuesday as the Federal Reserve said the US economy recovery was “too slow” to bring down unemployment.
“The economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment,” the Fed said in a statement at the conclusion of its last scheduled meeting for this year. The Fed reaffirmed that it would purchase US$600B + in bonds to stimulate growth and create jobs.
Less confidence in the US economy hurt market sentiment, ending gains in the earlier trading session boosted by better-than- expected U.S. retail sales data for November.
On Tuesday, the US Dollar index was slightly up by about 0.2%.
Light, sweet Crude Oil for Jan delivery dipped 33c to 88. 28 a barrel on the New York Merc.—Paul A. Ebeling, Jnr. www.livetradingnews.com
