04.08.2016 - Oil inventories in the US continued to grow
The price of gold yesterday showed a strong decline against the strengthening of the US dollar and the impact of positive statistics on the labor market in the US, according to which the number of jobs in the private sector from ADP increased by 179 thousand, which is 8 thousand better than forecast. In this regard, investors expect more positive data on the number of jobs outside the agricultural sector, which will be published tomorrow. Today, the dynamics of trading can also be affected by the Bank of England's decision on monetary policy easing which will be the basis for growth in demand for gold. Our medium-term outlook remains positive due to the anticipation of the growth of interest in gold, with the anticipated decline on the stock markets.
The price of Light Sweet crude oil yesterday showed growth against the background of fixing positions after a strong decrease in the previous weeks, as well as on the background of data on inventories of gasoline in the US that fell by 3.3 million barrels against the forecast of decline by only 300 thousand barrels. At the same time, crude oil inventories increased by 1.4 million barrels. In US oil output fell to 8.460 million barrels per day versus 8.515 million barrels a day the previous week. The glut on the oil market will continue in the near future that will generate sales. Our medium-term outlook remains negative with the potential of reaching the level of 35 dollars per barrel.