Oil prices declined towards $77 a barrel today due to the strong dollar, although trade has subsided because of the US Thanksgiving holiday.

The dollar increased as several investors purchased the currency or closed dollar-short positions ahead of Thanksgiving.

For January delivery US crude declined by 20 cents to $77.38 a barrel at 8.43am GMT, while London Brent crude dropped 3 cents to $77.43, according to Reuters.

Over the past 30 days US crude and Brent futures have been fluctuating between $75 and $81 per barrel.