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Oil ends 2014 on a low amid pressure from global glut

Brent and US oil futures bounce off session lows, but prices still settle at their lowest since May 2009

US crude closed with its second-largest annual decline on record. The biggest came in 2008, when prices collapsed in the wake of the financial crisis.

New York

OIL prices fell on Wednesday to a 51/2-year low and ended with their second-biggest annual decline ever, down by half since June under pressure from a global glut of crude.

Just before the close, Brent and US oil futures bounced off session lows. But prices still settled