Crude oil futures rallied over 2% on Friday, as the U.S. dollar remained pressured by the Federal Reserve’s most recent policy statement. On the New York Mercantile Exchange, U.S. crude oil for delivery in May traded $1.03 or 2.26% lower to $46.56 a barrel during European early afternoon trade. Prices plunged $1.12 or 2.40% on Thursday to settle at $45.53. Futures were likely to find support at $44.77, Thursday’s low and resistance at $49.47, the high from March 13. The dollar remained under pressure after the Fed indicated on Wednesday that U.S. economic growth has moderated and that interest rates will rise at a slower pace than previously forecast. In a statement following its monetary policy meeting, the U.S. central bank also downgraded its forecasts for growth and inflation. The Fed dropped a reference to being “patient” on the timing of rate hikes, but added that the change in its forward guidance did not mean it has decided on the timing for an initial rate increase. Prices for the international benchmark of crude dropped sharply on Thursday, after Kuwait’s oil minister Ali al-Omair said his country has agreed to keep output levels steady. Al-Omair indicated that current market conditions have forced OPEC to maintain its production level. While al-Omair said Kuwait “will be very happy if other producers cut output,” he added that the world’s 10th largest oil producer can’t afford to “lose its share in the market.” Oil prices have fallen sharply since OPEC declined to slash its production levels in November to a level below 30 million barrels per day. Kuwait has held its production constant at approximately 3 million barrels per day. Elsewhere, on the ICE Futures Exchange in London, Brent oil for May delivery climbed $0.43, or 0.80%, to hit $54.87 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $8.31.