UPDATE 8-Oil steadies as demand fears offset high OPEC+ compliance

* OPEC+ panel focuses on compliance with oil cuts
* Demand concerns from coronavirus fuel market losses
* API says U.S. crude stocks fall 4.3 mln bbls, more than
forecast
* Coming Up: US govt oil data at 10:30 a.m. ET/1430 GMT
Wednesday

(Adds API data)
By Stephanie Kelly
NEW YORK, Aug 18 (Reuters) - Oil prices steadied on Tuesday
as high compliance with supply cuts from the OPEC+ producer
group offset demand fears from the new coronavirus.
Brent crude futures LCOc1 rose 9 cents to settle at $45.46
a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
futures ended unchanged at $42.89 a barrel.
Supporting prices on Tuesday, a technical panel found that
compliance with OPEC+ oil output cuts in July was between 95%
and 97%, according to a draft report seen on Monday by Reuters.
The Organization of the Petroleum Exporting Countries (OPEC)
and its allies, a grouping known as OPEC+, eased their cuts in
August to 7.7 million barrels per day (bpd) from 9.7 million bpd
previously.
OPEC+ will hold a ministerial panel meeting on Wednesday.
"Expect OPEC+ to communicate that they request strict
compliance from all members and cheer for the success of the
measures to date," said Rystad Energy's Bjornar Tonhaugen.
Still, the coronavirus pandemic, which has raged for months,
shows no signs of letting up. In the Americas alone, almost 11.5
million have contracted the disease, and over 400,000 people
have died as a result of the pandemic, the World Health
Organization regional director Carissa Etienne said on Tuesday.
The United States and Brazil are the biggest drivers of the
COVID-19 case count in the Americas, Etienne added. "There are still ongoing concerns about COVID and there are
continuing concerns about the lack of a deal in Congress for
stimulus," said Phil Flynn, senior analyst at Price Futures
Group in Chicago.
The U.S. Congress has so far failed to agree on another
fiscal relief package to stem economic fallout from the
pandemic.
Meanwhile, some European countries have renewed travel
quarantines, which impact jet and motor fuel demand.
Australian miner and oil producer BHP said in its earnings
on Tuesday that it believes "the most significant risks to the
physical (oil) market have now passed," adding that the pace of
gains could be modest given potential headwinds from supply
returning.
U.S. crude oil and distillate stockpiles fell last week,
while gasoline inventories rose, industry data from the American
Petroleum Institute showed after the markets closed on Tuesday.
Crude inventories fell by 4.3 million barrels to about 512
million barrels, more than analysts' expectations for a 2.7
million-barrel draw. EIA/S API/S
U.S. government inventory data is due on Wednesday at 10:30
a.m. EDT (1430 GMT).

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CHART: U.S. oil may retest resistance at $42.89 Brent oil may test resistance at $45.61 per barrel
OI Demand/supply balance https://tmsnrt.rs/3aptIIv
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