Oil prices have remained steady following a decision by Federal Reserve to keep interest rates unchanged that led to a fall in dollar prices.
Brent crude increased 63 cents at $49.71 a barrel, while the US West Texas Intermediate (WTI) crude futures edged up 10 cents and were trading at $47 a barrel, Reuters reported.
Citing uncertainty over economic growth worldwide, the US central bank decided not to increase interest rates.
Federal Reserve chair Janet Yellen said the centre bank requires more improvements in the labour market and need to see inflation increase to the 2% annual rate, voanews.com reported.
The decision created mixed reactions in the oil market and the low US currency made the commodity cheaper for those trading in other currencies.
The Organization of the Petroleum Exporting Countries (OPEC) key member Kuwait said oil market will take time to balance itself.
This hinted support for the group’s policy of defending market share despite low oil prices.
Kuwait’s perception was supported by other sources at OPEC saying that oil prices are expected to increase by no more than $5 a barrel a year and will reach $80 by 2020.