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Oil prices fell today after the US Federal Reserve kept its main interest rate on hold and following a volatile week for crude.

The cartel has upped its expectation for oil demand growth this year by 84,000 barrels per day to 1.46 mn bpd, but revised its forecast lower for next year by 50,000 bpd to 1.29 mn bpd.

The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because US oil production is slipping faster than expected.

Cheap fuel is also hooking consumers, with oil demand growth set to hit a five-year high this year, it added.

Besides, higher supplies from the major producing areas and weak trend at overseas market weighed on crude palm oil prices.

In addition, the outage of a 290,000 barrel-per-day distillation unit at BP PLC’s Whiting refinery in Indiana was thought to reduce commercial crude demand, further adding to stockpiles.