International oil prices fall on concerns over China demand, FOMC alert

International oil prices fell due to concerns over weak demand from China, the world's largest oil importer, and alarm over monetary policy decisions by the U.S. Federal Reserve.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery closed at $70.71 a barrel, down $0.58 and 0.81% from the previous session.

Brent crude oil for February delivery, which is subject to international market comparisons, closed at $73.91 a barrel, down $0.58 and 0.78% from the previous session.

As China's consumption failed to revive despite the Chinese government's willingness to stimulate the economy, Price Futures Group analyzed, "The market could falter if China does not come up with a large-scale stimulus package."

In addition, the Fed is expected to hold a regular meeting of the Federal Open Market Committee (FOMC) on the 17th and cut interest rates by 0.25 percentage points, but there are observations that the rate cut will begin to speed up next year.