NY oil prices plunge 3.3% on strong dollar, China demand concerns

New York oil prices plunged for the second straight session as concerns over Chinese crude oil demand emerged amid the strong U.S. dollar.

On the New York Mercantile Exchange, West Texas Intermediate for December delivery closed at $68.04 a barrel, down $2.34 and 3.32% from the previous session.

Brent crude oil for January delivery, which is subject to international market comparisons, closed at $71.83 a barrel, down $2.04 and 2.76% from the previous session.

The dollar index, which reflects the dollar's value against the six major currencies, once topped 105.7 to hit a more than four-month high as U.S. Republicans were forecast to take control of the House.

Crude oil is denominated in dollars, so a rise in the value of the dollar could weaken demand for it among buyers using other currencies.