Oil Edges Higher But Bleaker Demand Outlook Weighs

Still, a meeting of the OPEC+ joint ministerial committee on Thursday is not expected to make recommendations for deeper output cuts, but rather focus on compliance and compensation mechanisms for its current cuts, sources told Reuters.

Concerns over supply disruptions in the United States from Hurricane Sally provided some price support.

Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger on its approach to the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity in the past month.

Meanwhile, China’s crude oil throughput in August rose from a year ago, reaching its second-highest level on record, as refineries worked to digest record imports earlier this year.