Oil prices steadied 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 was virtually flat at $45.39 a barrel at 0905 GMT, having gained 1.3% on Monday. U.S. crude LCOc1 edged down by 5 cents, or 0.1%, at $42.84 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 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”. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, eased their cuts […]