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
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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 at their lowest since May 2009. Weekly US data showed crude oil stockpiles fell more than expected, but inventories at the oil hub at Cushing, Oklahoma, grew, keeping prices depressed.
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