Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Brent crude was down 46 cents, or 1.1% to $40.34 a barrel by 1134 GMT. West Texas Intermediate (WTI) crude fell 39 cents, or 1% to $37.80 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a grouping known as OPEC+, on Saturday agreed to extend record cuts of 9.7 million barrels per day (bpd) until the end of July.

Saudi Arabia, however, later said it, Kuwait and the United Arab Emirates would not extend cuts of 1.18 million bpd they are currently making on top of that OPEC+ target.

Source : Reuters