Doha: Oil prices closed higher on Wednesday after the US Federal Reserve cut its key interest rate by 0.25 percentage points to support a slowing labor market. Brent crude futures rose 47 cents (0.67%) to settle at $US 62.41 per barrel, while US West Texas Intermediate (WTI) crude gained 27 cents (0.44%), closing at $US 62.21 per barrel.

According to Qatar News Agency, analysts said the rate cut is expected to stimulate economic growth, which in turn could boost oil demand.