NY oil prices plunge 2.45% on uncertainty over Fed rate cut

Oil prices in New York fell for the first time in four trading days amid fears that the U.S. Federal Reserve is not sure of further rate cuts in December.

On the New York Mercantile Exchange, West Texas Intermediate for December delivery closed at $67.02 a barrel, down $1.68 from the previous session and 2.45% lower, retreating to a more than two-month low.

Brent crude oil for January delivery, which is subject to international market comparisons, closed at $71.04 a barrel, down $1.52 and 2.09% from the previous session, the first drop since the 11th.

In the aftermath of Fed Chairman Jerome Powell's announcement the previous day that there is no need to hurry to cut rates, the growing perception that the Fed has begun adjusting the pace of rate cuts is interpreted as having affected the market.

In addition, continued concerns about weak demand in China also affected oil prices as China's industrial production rose only 5.3% in October from a year ago, falling short of expectations.