Oil prices fall on Fed rate rise jitters

Oil prices were down Monday over worries the United States would raise interest rates as early as next month.

The October contract of global benchmark Brent moved down 1.5 percent to $49.44 a barrel, while West Texas Intermediate dropped 1.45 percent to $46.94.

Prices fell after Federal Reserve Chairwoman Janet Yellen signaled growing conviction that the central bank would raise short-term interest rates in the weeks or months ahead.

Read more from Dow Jones Newswires.