Oil prices fall on strong dollar, trading thin ahead of OPEC meeting

Today Oil prices cut down on Friday, under stress from a strong $, but activity was lower after the US Thanks giving holiday and with many traders reluctant to get big new positions ahead of a planned OPEC-led crude yield cut to be decide next week. 

Global Brent crude oil futures were trading at Dollar 48.57 at 0435 GMT, downward 43 cents, or 0.9 %, from the last close.

US WTI crude futures say were at $47.59 per barrel, down 37 cents, or 0.8 %, from their last settlement.

Traders said the major drag on cash on Friday was the strong dollar, which this month hit levels last seen in 2003 against a basket of other leading currencies.

A strong $, in which oil is traded, makes oil purchase more expensive for countries using other currencies at home.

Traders said market movement was lower due to the US holiday, while there was a unwillingness to take on high price directional bets since of uncertainty about the planned oil output cut.

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