Oil prices steadied on Tuesday as high compliance with supply cuts from the OPEC+ producer group offset demand fears from the new coronavirus. Brent crude futures LCOc1 rose 9 cents to settle at $45.46 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled flat at $42.89 a barrel. Supporting prices on Tuesday, 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 Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, eased their cuts in August to 7.7 million barrels per day (bpd) from 9.7 million bpd previously. OPEC+ will hold a ministerial panel meeting on Wednesday. “Expect OPEC+ to communicate that they request strict compliance from all members and cheer for the success of the measures to […]