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Oil Edges up as OPEC Output Falls, Offsets Hurricane Concerns


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.