03.02.2016 - Iran intends to increase oil exports to 2.3 million barrels per day

The price of gold is supported by a decrease on the stock markets of the world and the fall in oil prices, increasing interest in defensive assets. In addition, the approach of the New Year celebration in China, which will begin on February 8 supports the demand for gold, but due to the weekly holidays in China next week, demand for the metal will decline, which will put pressure on the stocks. The upside is limited and we are forecasting a decrease in quotations in the medium term against the backdrop of the expected stabilization of the situation on the stock and commodity markets until the end of the first half and the pressure of the expected increase in interest rates of the Fed.

The price of futures for Light Sweet crude oil continued to decline against the background of Iran's intention to increase oil exports to 2.3 million barrels per day during the fiscal year, which begins on March 21. This statement points to the future growth of the oversupply of oil on the market. As a result, the fall with a high probability will continue to the levels of 28.00 and 25.00 dollars per barrel. In addition, an agreement between Russia and OPEC regarding the coordinated reduction of oil exports is unlikely. Our medium-term outlook remains negative and the growth in the coming months is possible only within the correction.

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