Oil Market Update

Crude-oil prices finished 2014 down 46% lower as a selloff in oil markets continued Wednesday even as U.S. data showed a greater-than-expected decline in inventory.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -0.76%  fell 85 cents, or 1.6%, to settle at $53.27 a barrel. This time last year, the most-active crude contract settled at $98.42 a barrel, according to FactSet data.