Oil retreated near the lowest level since 2009 and European equities pared an annual gain as trading wound down at the end of a year dominated by rising U.S. interest rates, slumping raw materials prices and Chinese stock-market volatility.

The Standard & Poor’s 500 Index turned negative for the year. European stocks fell 0.4 percent, heading for the worst December since 2002, while emerging-market equities pared the worst annual drop since 2011. Brent lost as much as 0.9 percent, putting it on course for the biggest two-year drop since at least 1988. The yen headed for a record fourth annual loss.

Read the article “Stocks Fall With Commodity Currencies as Oil Ends ’15 Below $37” on bloomberg.com.