Oil futures fell on Wednesday with growing concerns over the global glut of supplies sending prices for West Texas Intermediate and Brent crude to their lowest settlements since 2004. January crude settled at $33.97 a barrel, down $2, or 5.6%, on the New York Mercantile Exchange. WTI prices settled at their lowest level for a most-active contract since February 2004, according to FactSet data. February Brent lost $2.19, or 6%, to end at $34.23 a barrel on the ICE Futures exchange. That was the lowest settlement since June 2004, according to FactSet.
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