UPDATE 9-Oil rises on China plan to boost U.S. imports, OPEC+ compliance

* China plans to ship more U.S. oil in Aug-Sept
* OPEC+ compliance with output cuts in July 97% -sources
* OPEC+ ministerial panel to meet on Aug. 19

(Updates with settlement prices, adds commentary)
By Laura Sanicola
NEW YORK, Aug 17 (Reuters) - Oil prices settled higher on
Monday, as OPEC+ producers almost fully complied in July with
their global production cut accord, and after U.S. officials
said China is in compliance with the first phase of the two
nations' trade deal.
Brent crude LCOc1 settled up 57 cents, or 1.3%, to $45.87
a barrel, and U.S. West Texas Intermediate crude CLc1 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.
China is living up to its end of the trade deal the two
parties signed in January, U.S. President Donald Trump said on
Monday, even though the nation has fallen short so far of
promised purchases of U.S. products.
Chinese state-owned oil firms have tentatively booked
tankers to transport at least 20 million barrels of U.S. crude
for August and September. "There's indications of demand picking up in China...we are
not in a bull market by a long run but the demand story in China
really seems to be what the market is focusing on," said John
Kilduff, partner at Again Capital in New York.
Investors are waiting on Wednesday's ministerial OPEC+
committee, known as the JMMC, that will review compliance with
the global oil supply reduction pact, although no change in the
agreement is expected.
In August, the Organization of the Petroleum Exporting
Countries and allies known as OPEC+ eased its agreed cuts to 7.7
million barrels per day (bpd) from 9.7 million bpd previously.
Later-dated Brent futures contracts suggest traders see
inventories remaining high in coming months due to weakened
demand.
Last week the U.S. Energy Information Administration
adjusted global oil demand downward, suggesting a smaller than
previously expected reduction in global inventories.




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