Oil prices edged higher, after rallying hard....>

OIL: Oil prices edged higher, after rallying hard on Tuesday, as a hurricane

continued to gather pace off the coast of the U.S., while a reported larger than

exp. drawdown in headline crude stocks in the latest weekly API inventory

estimate gave the space a late leg higher. Reports also pointed to a draw down

in Cushing stocks, with a build noted in both gasoline and distillate stocks.

- Tuesday also saw the U.S. EIA downgrade its global oil demand growth forecasts

for 2018 & 2019.

- Russian Energy Minister Novak commented overnight, noting that Russia could

add 300K b/d of crude production over the next 6 months, while he signalled that

OPEC+ nations still have the ability to raise output.

- Traders focus on today's DOE inventory report.