Oil headed for the biggest annual decline since the 2008 global financial crisis as US producers and the Organisation of Petroleum Exporting Countries (Opec) ceded no ground in their battle for market share amid a supply glut.
Futures slid as much as 1.4 percent in New York, bringing losses for 2014 to 46 percent.
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Oil set for biggest slump since 2008
US producers and Opec cede no ground in their battle for market share.