Doha: Oil prices were little changed on Thursday after the US central bank lowered its key interest rate as widely expected, with prospects of further rate cuts by year-end potentially boosting demand through reduced borrowing costs.

According to Qatar News Agency, Brent crude futures saw a slight decrease of 8 cents, or 0.12%, settling at $67.87 a barrel. Meanwhile, US West Texas Intermediate (WTI) futures experienced a decline of 10 cents, or 0.16%, reaching $63.95.

The Federal Reserve's decision to cut its policy rate by a quarter of a percentage point on Wednesday reflects a response to emerging signs of weakness in the jobs market. The central bank has indicated plans for steady rate reductions throughout the year, aiming to lower borrowing costs and, in turn, stimulate demand for oil.