UPDATE 6-Oil rises 2% as OPEC complies with production cuts

* IEA sees growing risks to demand recovery
* OPEC cuts 2021 demand outlook forecast again
* Russia says OPEC+ plans to ease oil cuts from January as
agreed
* Coming up: API oil inventory data at 2030 GMT

(Updates with settlement prices)
By Jessica Resnick-Ault
NEW YORK, Oct 14 (Reuters) - Oil prices strengthened on
Wednesday, as OPEC and its allies were seen complying with a
pact to cut oil supply in September, even as concerns loomed
that recovery in fuel demand will be stalled by soaring global
coronavirus cases.
Early in the day crude was boosted by a bullish stock
market. Even as equities whipsawed on pandemic worries, oil
stayed higher, buoyed by expectations that OPEC could staunch a
supply glut.
Wall Street's main indexes opened higher on Wednesday,
supported by heavyweight technology stocks. MKTS/GLOB The
dollar traded lower, which can boost oil as investors switch
asset classes.
"Between the dollar, the EIA and the warning from the IEA
that may impact future OPEC policy, the tone has turned bullish
here," said Bob Yawger, director of energy futures at Mizuho in
New York.
Data from the U.S. Energy Information Administration (EIA)is
expected to show crude oil stockpiles moving lower in the latest
week, according to analysts polled by Reuters EIA/S
The American Petroleum Institute said U.S. crude inventories
fell more than expected in the latest week, according to a
report released after market close on Wednesday. Analysts expect
the U.S. Energy Information Administration data to confirm that
draw on Thursday, a Reuters poll showed. Brent crude futures LCOc1 for December delivery settled up
87 cents, or 2.05%, at $43.32 a barrel. U.S. West Texas
Intermediate CLc1 futures also traded higher, settling up 84
cents, 2.09%, at $41.04 a barrel.
OPEC+ had 100% compliance with a pact to cut oil supply
in September was seen at 102%, two OPEC+ sources told Reuters.
The Organization of the Petroleum Exporting Countries'
(OPEC) conformity with the oil output reduction in September was
105%, while non-OPEC compliance was 97%, one of the sources
said.
"There is a risk that the demand recovery is stalled by the
recent increase in COVID-19 cases in many countries," the
International Energy Agency said on Wednesday.
OPEC cut its oil demand forecast on Tuesday, citing
economic dislocations caused by the virus. Russian Energy Minister Alexander Novak said that leading
oil producers will start easing output curbs as planned in
January despite a spike in coronavirus cases.

(Additional Reporting by Jessica Jaganathan and Dmitry
Zhdannikov
Editing by Christian Schmollinger, David Goodman and Sandra
Maler)