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Oil edges up as OPEC output falls, offsets hurricane concerns

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and said its output fell in August, signs that its production-cutting deal with non-member countries could help reduce the global crude glut.In its monthly report, the Organization of the Petroleum Exporting Countries also said the two hurricanes that hit the United States in recent weeks would have a "negligible" impact on demand.The market was assessing Hurricane Irma's effect on demand, even as key refinery restarts in the wake of Hurricane Harvey boosted expectations for crude oil ...

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First Published: Tue, September 12 2017. 23:12 IST