Oil rises on China plan to boost US imports, OPEC+ compliance

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

Brent crude settled up 57 cents, or 1.3%, to $45.87 a barrel, and US West Texas Intermediate crude 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.