Trading continued to be driven by supply........>

OIL: Trading continued to be driven by supply rather than demand, with concern

about OPEC/non-OPEC non-compliance as well as increased U.S. production. The

extraordinary session taking place in Abu Dhabi Monday and Tuesday between the

Joint OPEC/non_OPEC Technical Committee (JTC) and country representatives that

participate in the Declaration of Cooperation (production cuts) concluded

earlier.

- "The objective of the meetings was to discuss conformity with the voluntary

production adjustments outlined in the extension of the Declaration, which

became effective on 1 July 2017," OPEC said in a statement. OPEC said

"participating countries remain steadfast in their commitment to fulfil" the

production cut agreement.

- "The UAE, Iraq, Kazakhstan, and Malaysia all expressed their full support for

the existing monitoring mechanism and their willingness to fully cooperate with

the JTC and JMMC in the months ahead in order to achieve the goal of reaching

full conformity," OPEC said. Crude, while off earlier highs, remained

underpinned by the prospects of improved compliance.