Oil prices fell over 1 percent on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.

International Brent crude oil futures were trading at $48.54 per barrel at 0235 GMT, down 62 cents, or 1.26 percent, from their last close.

 U.S. West Texas Intermediate (WTI) crude was down 76 cents, or 1.6 %, at $46.65 per barrel.

Analysts said the falls were a result of an overdone price rally this month which lifted crude by over 20 % between the beginning of the month and late last week.

Since then, prices have fallen back by more than 3.5 %.  "While oil prices have rebounded sharply since Aug. 1, we believe this move has not been driven by incrementally better oil fundamentals, but instead by headlines around a potential output freeze as well as a sharp weakening of the dollar (and exacerbated by a sharp reversal in net speculative positions)," Goldman Sachs said.

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