Friday morning saw oil prices fall, as markets turned their focus to a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output, said a report.

International Brent crude oil futures were trading at $45.77 per barrel at 0743 GMT (2:43 a.m. ET), down 7 cents from their last close, CNBC reported.

US West Texas Intermediate (WTI) crude oil futures CLc1 were trading down 10 cents at $44.56 per barrel, weighed down by weakening US demand.

According to the report, the supply overhang could run into 2017, making it three consecutive years of ongoing crude and refined product supply overhang, without an output cut from the Organization of the Petroleum Exporting Countries (OPEC), while escalating production from other exporters could lead to relentless supply growth, the International Energy Agency said.

In its monthly oil market report, the group said global supply rose by 800,000 barrels per day (bpd) in October to 97.8 million bpd, led by record OPEC output and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.

In Africa, Nigeria is working out new oil and gas policies to attract more private investors and boost crude production by 500,000 bpd by 2020, state firm NNPC said on Thursday.

Beyond oversupply, a surging dollar following the initial shock of Donald Trump's US presidential election win also put pressure on prices, traders said.