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Oil prices refreshed their multi-year lows on Wednesday, dragged down by a global supply glut. The West Texas Intermediate for February delivery settled at 26.55 U.S. dollars a barrel on the New York Mercantile Exchange, its lowest level since May 2003.
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Chinese benchmark Shanghai Composite Index fell 1.03 percent to end at 2,976.69 points.
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"The divergence between upward price pressure for services, led by housing and medical care, and downward price pressure on commodities continued in December," said Jay Morelock, an economist at FTN Financial.
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