Oil holds gains made on high OPEC+ compliance - Reuters

Oil holds gains made on high OPEC+ compliance - Reuters:

Oil prices were broadly steady on Tuesday, hanging on to gains from the previous session thanks to high compliance with production cuts from members of the OPEC+ producer group.

Brent crude LCOc1 eased by 9 cents, or 0.2%, to $45.28 a barrel by 1117 GMT, having gained 1.3% on Monday. U.S. crude LCOc1 edged down by 17 cents, or 0.4%, to $42.72 after a rise of 2.1% in the previous session.

A technical panel found that compliance with OPEC+ oil output cuts in July was between 95% and 97%, according to a draft report seen on Monday by Reuters.

The panel considered a scenario of substantial downside risk to oil demand if the coronavirus pandemic conditions worsen, the report said, calling for “vigilance and close monitoring of the implementation of the compensation for overproduction”.