Oil prices slipped on Nov. 11 as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly.

Brent crude futures traded at $45.24 per barrel (bbl) at 5:45 a.m. CT (11:45 GMT), down 60 cents from their last close. West Texas Intermediate (WTI) was trading 66 cents lower at $44/bbl.

Benchmark crude futures contracts have in the past week wiped out the gains made since the end of September when OPEC said it would agree to cut oil production to shore up persistently low prices.

While investors were always skeptical that a deal to cut or freeze oil output could be reached and implemented at an OPEC meeting on Nov. 30, an increasing amount of data has underscored a global skew towards oversupply.

OPEC reported on Nov. 11 an increase in its output to another record high, pointing to an even larger surplus on the market next year. It said it pumped 33.64 MMbbl/d last month, up 240,000 bbl/d from September.

That means the cartel, beset by geopolitical squabbles amongst some of its 14 member states, would have to cut up to 1 MMbbl/d if it makes good on its promise to reduce its output to between 32.5 MMbbl/d and 33 MMbbl/d.

Meanwhile, the International Energy Agency (IEA) said the supply overhang could run into a third year in 2017, should OPEC fail to act.

RELATED: IEA: Global Market Awash With Oil In 2017 If No OPEC Cut

"Oil markets are increasingly reflecting growing consensus that the persistent oversupply seen throughout 2016 will carry on into 2017," analysts at JBC Energy wrote.

"We would actually go a step further, as while 2016 has seen a significant improvement from 2015 with easing oversupplies, 2017 will be worse again barring massive outages or OPEC action."

In its monthly oil market report, the IEA said global supply rose by 800,000 bbl/d in October to 97.8 MMbbl/d, led by record OPEC output and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.

Nigeria is working out new oil and gas policies to attract more private investors and boost crude production by 500,000 bbl/d by 2020, state firm NNPC said on Nov. 10.

The IEA kept its demand growth forecast for 2016 at 1.2 MMbbl/d and expects consumption to increase at the same pace next year, having slowed from a five-year peak of 1.8 MMbbl/d in 2015. OPEC had a similar global demand growth forecast for next year of 1.15 MMbbl/d.

Beyond oversupply, a surging dollar following the initial shock of Donald Trump's U.S. presidential election win also put pressure on prices, traders said. The dollar was on course on Nov. 11 for its strongest week in a year.

Because oil and refined products are traded in dollars, their import costs rise for countries using other currencies, potentially crimping demand.