Oil rises on China plan to boost U.S. imports, OPEC+ compliance - Reuters

Oil rises on China plan to boost U.S. imports, OPEC+ compliance - Reuters:

Oil prices settled higher on Monday, as OPEC+ producers almost fully complied in July with their global production cut accord, and after U.S. officials said China is in compliance with the first phase of the two nations’ trade deal.

Brent crude LCOc1 settled up 57 cents, or 1.3%, to $45.87 a barrel, and U.S. West Texas Intermediate crude CLc1 was up 88 cents, or 2.1 %, to $42.41 a barrel.

Compliance with OPEC+ oil output cuts is seen at around 97% in July, two OPEC+ sources told Reuters. The oil-producing nations have been cutting output by record levels to curb supply and reduce worldwide inventories.

China is living up to its end of the trade deal the two parties signed in January, U.S. President Donald Trump said on Monday, even though the nation has fallen short so far of promised purchases of U.S. products.