Oil prices have increased following a fall in US crude stock by 3.1 million barrels and an increase in gasoline shares prices.

Brent increased 45 cents at $48.20 a barrel, while front-month US West Texas Intermediate (WTI) crude futures edged-up 55 cents at $45.14 per barrel, Reuters reported.

Following a report by the American Petroleum Institute (API) on a 3.1 million barrel crude stockpile fall last week, US crude futures increased.

Oil prices also received support from rise in US gasoline prices.

Prices could be further under pressure soon once Tehran is free from Western sanctions, with global markets set to have access to Iranian crude oil that has been stored in tankers.

International crude markets excluding the US made smaller gains due to worries of a global oversupply and slowing Asian demand that held back prices.

This led to a drop in oil prices by almost 60% since June 2014.

The US Fed has started a session that will last for two days and decide on increasing interest rates, which will be keenly watched by oil traders.