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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%.