01.09.2016 - The fall of oil accelerated after the release of negative statistics on US inventories
The price of gold continued to decline due to rising fears of investors about the Fed raising interest rates in September. The pressure on the price yesterday had a positive data on the number of jobs in the private sector, which grew by 177 million that is 3 thousand better than the forecast. Today, investors' activity will be low due to the expectation of tomorrow's publication on the US labor market report, which will greatly affect the decision on the timing of the Fed raising interest rates. Today, the course of trading will affect the news on the manufacturing PMI in the US (14:00 GMT). Our medium-term outlook remains positive on the background of the expected fall on the stock markets, and we expect strong price movements in the coming days.
The price of Light Sweet crude oil showed a strong decline after in the US was published a report according to which the volume of oil inventories in the country grew by 2.3 million barrels compared to the expected 1.1 million barrels. It is worth noting that the volume of production in the country fell to 8.488 million barrels per day versus 8.548 million barrels per day in the prior period. The pressure on price has pessimism about the future negotiations of major oil producers at the international energy conference in Algiers, which will be held on September 26-28. We forecast a drop in the near future and maintain the medium-term negative outlook.