The price of Brent crude oil fell on Tuesday in advance of weekly US crude inventory data, that is estimated to reach another high.

Reuters reported that Brent crude futures dropped 43 cents to $64.40 a barrel, and US crude fell 40 cents to $56.59 a barrel.

A preliminary survey by the news agency has revealed that US commercial crude stockpiles were anticipated to have increased for a sixteenth straight week last week, up from a record 489 million barrels, despite the decline in drilling activity.

"The oil market is not out of the woods yet and weak fundamentals will weigh on prevailing bullish market sentiment in the second quarter."

Saudi Arabia is firm on its position of keeping output high in order to meet demand and defend its market share.

Saudi Arabia Oil Minister Ali al-Naimi said in a speech on Tuesday that he expected oil demand to increase in Asia, and the country would be ready to meet that demand.

Meanwhile, Barclays has increased its oil price forecast due to violence in Yemen and Syria, and unplanned production outages in the North Sea and Brazil.

The bank increased its Brent forecast by $9 to $60 a barrel for 2015 and by $8 to $68 in 2016.

Barclays warned in a research note that: "the oil market is not out of the woods yet and weak fundamentals will weigh on prevailing bullish market sentiment in the second quarter."