December 2, 2014 / 9:16 PM / 6 years ago

Fed's Dudley says oil price drop a net benefit for U.S.

A gas nozzle is used to pump petrol at a station in New York February 22, 2011. REUTERS/Shannon Stapleton

NEW YORK (Reuters) - Saudi Arabia will largely determine what happens with global oil prices, a top Federal Reserve policymaker said on Tuesday, repeating that for now the price drop is a net benefit for the United States despite the pain it could cause U.S. energy producers.

New York Fed President William Dudley said, in large part, “what happens will be up to what the Saudis want to happen.” He added that U.S. consumers and major trade partners Europe and Japan, which are net importers, would benefit from cheaper oil.

Reporting by Jonathan Spicer; Editing by Meredith Mazzilli

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