Oil prises rose today as investors await the outcome of the US Federal Reserve’s policy meeting later today, with some investors hoping news of further monetary easing in the country.

The third round of monetary stimulus-QE3 through bond-buying by the federal bank may boost liquidity in markets and lift investor appetite for riskier assets like oil, reports Reuters.

US crude rose 14 cents at $103.69 a barrel, while Brent crude gained 9 cents to $118.25.

US crude stockpiles fell by 985,000 barrels in the week up to 20 April, while gasoline stocks fell 3.6 million barrels, according to the American Petroleum Institute (API).