Oil Gains With OPEC Compliance Overshadowing U.S. Demand Fears
- Saudi oil minister commends Iraq for oil-production curbs
- Market turns attention to weekly storage data due Wednesday
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Crude futures rose as initial signs that OPEC members intend to comply with promises to curtail production eclipsed fears that a resurgence in coronavirus cases would send demand back to the worst days of the pandemic.
Saudi Arabia commended Iraq for implementing almost all its pledged oil-production cuts, and Nigeria told the kingdom it was committed to hitting its target, in further signs that disputes among OPEC+ members over cheating of quotas are being resolved.