Mubasher: Oil prices fell on Tuesday, as concerns regarding the next OPEC summit are on the rise.

The Organization of the Petroleum Exporting Countries (OPEC) is expected to ease the limitations of the output cut agreement in its next meeting in Vienna.

OPEC believes the rising production will be met with a rise in demand, thus will not affect the market balance, while concerns of a supply glut still looms.

Russia has called for terminating the OPEC-led agreement, in order to grow production by 1.5 million barrels a day.

Nymex futures fell 1.2% to $65.07 per barrel, while brent crude declined by 0.2% to $75.20 a barrel.