Oil at 5-year low on supply hike, OPEC demand cut

Crude-oil futures on Wednesday ended at a fresh five-year low Wednesday, dragged down by a surprise inventories increase and news the Organization of the Petroleum Exporting Countries cut its 2015 demand expectations for crude.

Light, sweet crude for delivery in January CLF5, +0.85%  declined $2.88, or 4.5%, to settle at $60.94 a barrel on the New York Mercantile Exchange. That was oil’s lowest settlement since July 2009.

January Brent crude LCOF5, +0.86%   slid $2.60, or 3.9%, to $64.24 a barrel on London’s ICE Futures. That was Brent’s lowest settlement since July 2009 as well.