01.12.2015 - Oil traders are waiting for data on oil reserves in the US
The price of gold rose on fixing positions before the release of a large number of important news in the coming weeks. So, on Friday will be published an important report on the US labor market and in case of strong performance of the labor market, we expect to see a further decline in gold. The growth of probability of rising interest rates in the US have a negative impact on the gold price. Inventories of the world's largest investment fund backed with gold SPDR Gold fell to its lowest level since September 2008. Support for the metal will be the increased demand for jewelry in China, but the key influence will have important news on the US interest rate. We expect a decline in the near future.
The price of Light Sweet crude oil continues to consolidate in anticipation of statistics on oil reserves in the United States and oil production volumes in the country, which will be published tomorrow. In addition, on Friday in Vienna, will be held OPEC meeting at which will discuss the current situation on the market, but according to our forecasts will not lower oil production quotas. It is worth noting that Saudi Arabia has previously stated willingness to cooperate in order to stabilize prices on the market. Besides OPEC meeting, we should not forget about the likely growth of the US dollar in relation to the possible increase in the interest rate the Fed, as well as the forecast of growth of oil supplies from Iran by 1 million barrels a day in the spring. Our medium-term outlook for oil remains negative.