Commodities rallying on US China optimism

In 2018 the Bloomberg commodity index fell 11%. However, the direction of the index, which consist of commodities such as oil, metals and agriculture, has only had one down day so far this year.

Oil had a ripping day last Friday (+3.32%) with global demand staying on track, OPEC making cuts and now US drilling rigs fell the most in 3 years according to the the Bloomberg article I read. See graph below for US rig count fall

Oil's rise has been around 18% since the start of the year.

If we get some real tangible progress from the US and China trade war we can expect this to be further bullish sentiment for expected global growth.