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.

Platinum Market Update

Elsewhere in metals trading, platinum for April delivery PLJ5, +0.30%  climbed $3.70, or 0.3%, to settle at $1,238.90 an ounce, while March palladium PAH5, +0.85%  rose $4.20, or 0.5%, to end at $790.20 an ounce.

High-grade copper for March delivery HGH5, -0.31%  rose about a penny to $2.59 a pound.

Gold Market Update

Gold and other metals prices settled higher on Wednesday, getting a boost from the Chinese central bank’s decision to cut the reserve-requirement ratio for banks in an aim to boost growth.

Gold for April delivery GCJ5, +0.59%  added $4.20, or 0.3%, to settle at $1,264.50 an ounce after falling by more than $16 on Tuesday. March silver SIH5, +0.26% rose more than 7 cents, or 0.4%, to end at $17.395 an ounce.