NEW YORK, Oct 19 (Reuters) - U.S. crude oil futures settled down more than 4 percent on Tuesday, suffering the biggest one-day percentage loss since February as the dollar strengthened after a surprise interest rate increase in China.
The rate increase was likely to curtail oil demand in China, a major oil consumer, analysts said.
On the New York Mercantile Exchange crude for November delivery CLX0 settled down $3.59, or 4.32 percent, at $79.49 a barrel.
The day’s loss was the biggest one-day percentage fall since Feb. 4, when front-month crude dropped by 4.98 percent. The contract traded as low as $79.39, the lowest since prices hit $77.55 on Sept. 30. In earlier trading it hit a session high of $83.21. (Reporting by Gene Ramos)