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US crude edges up 16 cents, settling at $48.23, as OPEC output falls


US crude edges up
Oil prices rose on Tuesday after OPEC said its output fell in August and forecast higher demand in 2018, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut.

In its monthly report the Organization of the Petroleum Exporting Countries also said the two hurricanes that have hit the United States in recent weeks would have a "negligible" impact on demand.

The market is assessing Hurricane Irma's effect on demand, even as refinery restarts in the wake of Hurricane Harvey boosted crude oil consumption expectations.

International benchmark Brent crude edged 46 cents higher to $54.30 per barrel by 2:26 p.m. (1826 GMT). U.S. West Texas Intermediate (WTI) crude ended Tuesday's session up 16 cents at $48.23 a barrel.

--News from www.cnbc.com