Oil traded near $47 a barrel after the Federal Reserve left interest rates unchanged.

Futures edged lower in New York after climbing 5.7 percent Wednesday on an unexpected decline in U.S. crude stockpiles. The dollar dropped after the U.S. central bank declined to boost its short-term interest-rate target at its policy-setting meeting in Washington. A weaker U.S. currency bolsters the appeal of commodities priced in the greenback as a store of value.

Oil is down 23 percent from this year’s peak in June amid a persistent global oversupply. U.S. crude inventories remain about 100 million barrels above the five-year seasonal average after government data Wednesday showed an unexpected decline last week.

West Texas Intermediate for October delivery slipped 25 cents, or 0.5 percent, to settle at $46.90 a barrel on the New York Mercantile Exchange. It was $46.75 before the decision was announced at 2 p.m. in Washington.

Source: Bloomberg