Oil rises, bouncing off five-year low

U.S. crude-oil futures bounced back Wednesday, rebounding from a five-year low after data showed crude inventories declined, although less than forecast.

Crude futures for delivery in January CLF5, -0.12%  settled higher by 54 cents, or 1%, at $56.47 a barrel on the New York Mercantile Exchange. Oil had traded as low as $54.21 in earlier action Wednesday, its lowest level since May 2009, then jumped by as much as 5% to nearly $59 before giving back most of that gain.