Oil prices fell in Asia today in thin trade following the US Thanksgiving holiday, with a truce in Gaza and gloomy eurozone manufacturing data weighing on markets, analysts said.

New York's main contract, light sweet crude for delivery in January shed 59 cents to $86.79 a barrel and Brent North Sea crude for January delivery sank 19 cents to $110.36. An uneasy peace continued to hold in Gaza after the Egyptian-brokered ceasefire came into effect late Wednesday and halted eight days of conflict between Israel and Hamas. a closely-watched survey by research firm Markit showed the troubled region's manufacturing activity in November was little changed from lows experienced in October. Markit's eurozone Purchasing Managers Index (PMI) for the month of November stood at 45.8 points, "up fractionally from 45.7 in October... October's reading had been the lowest since June 2009," the survey's report said. "For the fourth quarter of 2012 so far, PMI data suggest the strongest contraction of output since the second quarter of 2009."