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Oil Edges up as OPEC Output Falls, Offsets Hurricane Concerns

Oil

Oil prices recouped some losses on Tuesday, facilitated by reduced OPEC output in August which signifies commitment to the production-cutting pact, Reuters reports. Output fell in August by 79,000 b/d from July to 32.76M b/d. In its monthly report, OPEC also raised its demand forecasts for 2018, concluding that the two hurricanes that hit the US in recent weeks would have a negligible impact on demand. By Tuesday 1235 GMT, Brent crude had edged 30 cents higher to $54.14 per barrel, which compares to $53.42 earlier in the day. WTI remained relatively flat from the previous close at $48.07 per barrel.