Crude-oil futures ended under $46 a barrel Tuesday, as oil supply estimates and comments from the United Arab Emirates’s oil minister about OPEC standing pat on oil production combined to stir oil-glut concerns.
On the New York Mercantile Exchange, light, sweet crude for delivery in February CLG5, -1.35% fell 18 cents, or 0.4%, to $45.89 a barrel.
Brent crude LCOG5, -1.35% for February delivery on London’s ICE Futures exchange fell 84 cents, or 1.8%, to $46.59 a barrel. It traded as low as $46.40 a barrel.
Elsewhere in metals trading, palladium for March delivery PAH5, -2.00% added $1.60, or 0.2%, to $815.70 an ounce, while April platinum PLJ5, +0.00% gained $6.80, or about 0.6%, to $1,247.80 an ounce.
High-grade copper for March delivery HGH5, -6.03% lost 8 cents to $2.64 a pound, touching levels not seen since 2009.
Gold prices edged up on Tuesday, maintaining their upward momentum as investors remained cautious with earnings season underway.
Gold for February delivery GCG5, -0.53% rose $1.60, or 0.1%, to $1,234.40 an ounce, while March silver SIH5, -2.08% climbed 59 cents, or 3.6%, to $17.16 an ounce.