Oil prices fall 3% on oversupply

Russia says ready to consider revising output deal parameters

Oil prices fell more than 3 per cent on Friday after data showed US production rose last week just as Organization of the Petroleum Exporting Countries (Opec) exports hit a 2017 high, casting doubt over efforts by producers to curb global oversupply.

Benchmark Brent futures were down $1.55, or 3.2 per cent, at $46.56 a barrel at 11:50 am EDT (1550 GMT), after falling to $46.28, the cheapest in more than a week.

US West Texas Intermediate (WTI) crude futures traded at $44.05 a barrel, down $1.47 or 3.2 per cent, also the lowest in over a week.

Both benchmarks were set for