February WTI Oil Drops Nearly 7% To a 2003 Low

Oil futures settled sharply lower on Wednesday as a global glut of supplies and fear that Iran would add to inventories plagued the market. February West Texas Intermediate crude , which expired at the settlement, fell $1.91, or 6.7%, to settle at $26.55 a barrel on the New York Mercantile Exchange. March WTI crude , which is now the front-month contract, settled at $28.35, down $1.22, or 4.1%.