TOKYO- Oil prices slipped on Tuesday, though they mostly held onto overnight gains after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.
Brent crude was down 22 cents, or 0.5 percent, at $45.15 a barrel, after gaining 1.3 percent on Monday.
US crude was down 23 cents, or 0.5 percent, at $42.66 a barrel, having risen 2.1 percent in the previous session.
Compliance with OPEC+ oil output cuts was seen at around 97 percent in July, two OPEC+ sources told Reuters. The oil producers curbed output by record levels to reduce worldwide inventories, as demand collapsed from the pandemic.
The Organization of the Petroleum Exporting Countries (OPEC) and allies known as OPEC+ in August reduced their agreed cuts to 7.7 million barrels per day (bpd) from 9.7 million bpd previously as prices started picking up in recent months.
