Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.

Donald Trump’s surprise win in last week’s U.S. presidential election boosted the dollar and stocks but undermined oil. Crude has also fallen because of waning expectations that the world’s largest exporters will agree to reduce production this month, according to Reuters.

Brent crude futures LCOc1 fell 50 cents on the day to $44.25 a barrel by 1450 GMT (9:50 a.m. ET), while NYMEX crude futures CLc1 dropped by 57 cents to $42.84 a barrel.

“In the same way that a strong OPEC agreement was needed to continue the rally above $55, a lack of agreement will be needed to break below $40 and right now, we’re at $45,” Petromatrix strategist Olivier Jakob said.

OPEC plans to cut or freeze output, but analysts doubt the group’s ability to reach an agreement at its meeting on Nov. 30.

The Organization of the Petroleum Exporting Countries said on Friday its output hit a record 33.64 million barrels per day in October, and forecast an even larger global surplus in 2017 than the International Energy Agency did on Thursday.