OPEC+ JMMC notes that July compliance with cuts was 159%, WTI regains $ 54

The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and non-cartel oil producers (OPEC+) said in a press release on Tuesday, the OPEC+ compliance to the oil output cut deal stood at 159% in July, compared to 137 percent in June

The statement read: "The JMMC noted the overall conformity of 159% in July 2019 was 22 pp higher than in June 2019, and the average conformity of 134% since January 2019 was the highest to date in 2019."

The Committee also said that it sees ‘significant’ oil stock draws in 2H19.

Oil prices seem to have caught a fresh bid on the OPEC+ statement, with WTI extending the upside above the 54 handle while Brent edges closer to $ 59 mark. Both crude benchmarks are gaining over 1%.