Post inventory data, commodity prices have been witnessing a drop, whereas, gains have been reported from several commodities. China has shown a positive data that is still supporting prices.
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US crude stocks have risen by 5m bbls. Yet, the crude prices have been under immense pressure due to mix data including fall in distillate and gasoline stocks.
OPEC has raised forecast for non-OPEC oil supply at 1.66 m bpd in 2018. OPEC output has fallen to 32.186 m bpd, while compliance have risen to 147%. Higher production has been estimated from countries like US, UK, Canada, Brazil and China.
