Oil prices have remained unchanged due to doubts ahead of a planned crude production cut by the Organization of the Petroleum Exporting Countries (OPEC) members.
Brent crude futures was up 3 cents and traded at $48.98, while the US West Texas Intermediate (WTI) crude increased 6 cents and was at $48.02 per barrel, Reuters reported.
Traders said that market activity was low due to the Thanksgiving holiday in the US.
Traders were also reluctant to make new bets due to uncertainty about a planned OPEC-led production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).
On 30 November, OPEC members are set to meet to discuss on the production cut proposal, potentially together with non-OPEC member Russia.
ANZ bank told the news agency: "We expect OPEC will reach an agreement at next week's biannual meeting in Vienna… If OPEC does successfully reach an agreement, prices are likely to test the year high in Brent of $53 per barrel."
International Energy Agency Director Fatih Birol told the news agency that even if output is reduced, prices may again witness a fall as the cut would enable shale oil drillers in the US to increase their own output.
Strong US dollar was also influencing oil prices as it makes fuel purchases expensive for countries using other currencies at home.