Oil prices fell on Friday, under pressure from a strong dollar, but activity was low after the U.S. Thanksgiving holiday and with many traders reluctant to take big new positions ahead of a planned OPEC-led crude output cut to be decided next week. International Brent crude oil futures were trading at $48.57 at 0435 GMT, down 43 cents, or 0.9 percent, from their last close. Traders said the main drag on prices on Friday was the strong dollar, which this month hit levels last seen in 2003 against a basket of other leading currencies. A strong dollar, in which oil is traded, makes fuel purchases more expensive for countries using other currencies at home, potentially crimping demand. “Crude oil prices treaded water as OPEC and non-OPEC members spent more time in preliminary meetings ahead of the Vienna gathering ... Investors look like they are sitting on the sidelines as they await the OPEC meeting in Vienna next week,” ANZ bank said on Friday.

Source: Hindustan Times November 25, 2016 06:33 UTC