03.09.2015 - US crude oil inventories increased by 4.7 million barrels
The gold price is adjusted down against the strengthening of the US dollar due to speculation regarding the raise of interest rates after the Fed meeting on September 16-17. At the same time, the closure of the Chinese market on the occasion of the 70 years anniversary of the end of World War II has led to some stabilization and a decline in demand for defensive assets. Tomorrow will be published statistics on the US labor market, which will be affected on investors' expectations regarding the timing of the Fed raising interest rates. We expect increased volatility in the near future and look forward to the signals to open short positions.
The price of Light Sweet crude oil showed growth despite the statistics on growth in US oil inventories by 4.7 million barrels compared to the expected reduction of 0.7 million. Currently quotes stabilized around $ 47 per barrel, and according to our forecasts will resume falling soon. The price of oil continues to show high volatility and tries to stabilize. Fundamental factors continue to have a negative impact on the price of oil and a reduction of production and the subsequent decrease in oversupply on the market can reverse the trend. Our medium-term outlook remains negative.