Oil prices took another tumble on Wednesday to fresh five-year lows on signs that the global supply glut driving the selloff is deepening.  New data out of the U.S., the world’s biggest oil consumer, showed an unexpected increase in crude supplies last week. Meanwhile, the latest projections from the Organization of the Petroleum Exporting Countriespoint to lower demand for the group’s oil in 2015.  The benchmark U.S. oil price slid 4.5% to $60.94 a barrel, the lowest level since July 2009 on the New York Mercantile Exchange. It was the biggest one-day drop since Nov. 28, the session that followed OPEC’s decision to maintain its oil-output target.  Brent crude, a gauge of global prices, fell 3.9%, or $2.60, to $64.24 a barrel, also the lowest since July 2009 on ICE Futures Europe.  The latest plunge in crude rippled through U.S. stocks, helping to drive major indexes lower. The Dow Jones Industrial Average dropped 268.05 points, or 1.5%, to 17533.15, its biggest one-day decline since Oct. 9. Energy stocks were the worst-performing sector of the S&P 500 on Wednesday, with oil companies among the day’s biggest laggards.

Click here to view full article at www.wsj.com