Oil Market Update

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, +0.90%  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, +0.76%   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.

Platinum Market Update

January platinum PLF5, +0.64% dropped $4.20 to $1,242.60 an ounce, while March palladium PAH5, -0.29%  gained $9.80, or 1.2%, to $821.40 an ounce.

High-grade copper for March delivery HGH5, +0.36% dropped 3 cents, or 1.2%, to $2.89 a pound.

Gold Market Update

Gold retreated on Wednesday as investors took profits following a strong run-up in the previous session in response to a global equities meltdown.

Gold for February delivery GCG5, +0.08% slipped $2.60, or 0.2%, to settle at $1,229.40 an ounce. March silver SIH5, -0.10% rose 5 cents to $17.19 an ounce.