Light crude rose to just under $83 per barrel on Wednesday as the dollar weakened against major currencies.

The Fed's recent reassurance that interest rates would remain low for an extended period and news that Japan has injected its economy with more stimulus also supported oil prices.

Crude for April delivery settled $1.23 higher at $82.93 a barrel at the New York Mercantile Exchange.

As expected OPEC decided to keep its production quota unchanged in Vienna while a US report showed a rise in demand for oil products.

Data from the Energy Information Administration showed demand for oil products in the US rose 3.5% last week from the same time a year before.

The EIA also reported that US crude inventories rose by 1m barrels in the week ended 12 March. Analysts had expected an increase of just under 2m barrels. Gasoline supplies fell by a bigger than expected 1.7m barrels over the week. Analysts forecast a decline of 1.5m barrels. Distillates, used in heating oil, fell by 1.5m barrels against expectations of a decline of 1.6m.

Among precious metals gold kept its shine, closing on modest gains as investors cheered the Fed and BoJ's loose monetary policy.

Gold for April delivery rose $1.70 to settle at $1,124.20 an ounce at the New York Mercantile Exchange. The weaker dollar and crude's gains also supported the yellow metal.

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