Oil edges up as OPEC output falls, offsets hurricane concernsOil prices recouped some losses on Tuesday, helped by OPEC saying its output fell in August, indicating a production-cutting deal with non-member countries is helping to tackle a supply gut. In its monthly report, the Organization of the Petroleum Exporting Countries also raised its demand forecast for 2018, and said two hurricanes that hit the United States in recent weeks would have “negligible” impacts on demand. The market is grappling with Hurricane Irma’s effect on demand, even as refinery restarts in the wake of Hurricane Harvey boosted crude oil consumption expectations.

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