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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

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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...

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