Oil prices fell on Friday, under pressure from a strong dollar, but activity was low after the US 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 per cent, from their last close, according to a Reuters report.

US West Texas Intermediate (WTI) crude futures were at $47.59 per barrel, down 37 cents, or 0.8 per cent, from their last settlement.

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.

Traders said market activity was low due to the US holiday, while there was a reluctance to take on big price directional bets because of uncertainty about the planned oil output cut, led by the Organization of the Petroleum Exporting Countries (Opec).

Reports that Saudi Aramco would in January increase oil supplies to some Asian customers also weighed on markets, traders said.

A Saudi-led plan to agree on crude output cuts from the Organization of the Petroleum Exporting Countries (Opec) and other producers next week would only impact supplies from February 2017 as most exporters sell their supplies two months ahead.

Saudi's late push for more exports to Asia comes as Russia has stolen its place as top supplier to China, the world's biggest crude importer and growth market despite a monthly drop in imports in October. This is a strong indicator that Riyadh's policy to let prices slide in order to defend market share has not had the desired effect.

Now, led by Saudi Arabia, Opec is due to meet on November 30 to coordinate a cut, potentially with non-OPEC members like Russia, the world's largest producer, but there is disagreement within the producer cartel as to which member states should cut and by how much.

Most analysts expect some form of a production cut, though it is uncertain whether this will be enough to prop up a market that has been dogged by oversupply since 2014.