Investing.com - Oil prices edged higher on Thursday as uncertainty over a planned OPEC-led output cut and thin liquidity due to the U.S. Thanksgiving holiday weighed.
U.S. crude was at $48.06 per barrel at 1205GMT, up 12 cents from its last settlement.
Brent crude futures were trading at $49.05, up 10 cents from their last close.
Trade volumes remained low due to the U.S. holiday.
Sentiment was also hit by ongoing uncertainty over a planned oil production cut led by the Organization of the Petroleum Exporting Countries, aimed at reducing a global supply glut and support falling oil prices.
Beyond OPEC, the stronger U.S. dollar, hit levels last seen in 2003 against a basket of other major currencies, weighed on prices.
A strong dollar, in which oil is traded, makes fuel purchases more expensive for holders of other currencies, potentially curbing demand.