Oil rally fizzles

Singapore
Oil prices tumbled in Asia Thursday, cutting short a rally the day before after hints of an interest rate hike in December by the US Federal Reserve boosted the dollar.
Prices rose Wednesday after the US Department of Energy said the country´s commercial crude stockpiles had increased less than expected, suggesting stronger demand in the world´s top oil consuming nation.
But the rebound was punctured after the Fed on Wednesday signalled it could raise rates before the end of the year, expressing optimism for the world´s top economy after "solid" consumer spending and business investment.
"With the Federal Reserve holding off on interest rates hikes on Wednesday, the market will keep watch on the December meeting where a rate hike is likely in play," said Sanjeev Gupta, head of the Asia Pacific oil and gas practice at professional services firm EY.