Oil Market Update

U.S. crude-oil futures marked their first decline in five sessions on Wednesday, plunging by almost 9% to settle below the $50 mark as the nation’s stockpiles climbed more than expected.

West Texas Intermediate crude for March delivery CLH5, +0.35%  slid $4.60, or 8.7%, to settle at $48.45 a barrel on the New York Mercantile Exchange. Oil was trading around $50.90 before the supply data were released.