Oil extends selloff after UAE minister says OPEC won’t budge

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, -1.15%  fell 18 cents, or 0.4%, to $45.89 a barrel.

Brent crude LCOG5, -1.07% 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.