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November Brent crude on London’s ICE Futures exchange rose $0.44 to $48.13 a barrel.

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

US West Texas Intermediate (WTI) crude futures were trading down $1.55, or 3.3 percent, at $45.35 a barrel.

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.

OPEC said it expected demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month, despite slower demand growth overall due to a weaker outlook for Latin America and China.

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