02.10.2015 - The price of oil was not able to continue the growth yesterday

The price of gold continued to decline against the strengthening of the US dollar despite the publication of weak statistics yesterday. Thus, the number of initial unemployment claims in the US rose by 10 thousand to 277 thousand. At the same time manufacturing PMI in the US in September fell to 50.2 against 51.1 in August. Investors are also selling gold before the publication of statistics on the US labor market, which we forecast will be positive, increasing the chance of the Fed raising interest rates before the end of the year. After completion of the current negative momentum, we expect price correction. Volatility today will be high.

The price of Light Sweet crude oil was not able to continue the growth yesterday and corrected downwards. The reason for the recent growth was a number of fundamental factors, including the improvement of statistics on industrial production in China, the aggravation of the situation in Syria, where Russia has begun to use air forces, as well as a hurricane Joaquin at the US east coast. Despite these news, as well as the steady decline in oil production in the United States, oil futures remain under pressure from fears of investors about the Chinese economy and weakening of global economic growth, and maintaining an excess of oil on the market. Our medium-term outlook remains negative.

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