04.11.2015 - The data on oil reserves in the US will be in the focus of oil traders
The price of gold continued to fall amid growing investor confidence in the Fed's interest rate hike. It should be noted that the potential for further price decline in the near future has declined significantly. Further fall is limited by the psychologically important level of $ 1,100 per troy ounce. Demand for gold is supported by the growth of consumption of jewelry in China and India due to the holiday season. The growth in equity markets reduced demand for safety assets like gold. We expect the price decline in the near future, but in the near future growth is likely to resume.
The price of Light Sweet crude oil rose yesterday on news of a reduction of oil supplies from Libya, as well as the strike at 43 oil platforms in Brazil. This fact helped quotations to grow, despite the strengthening of the US dollar. Today, a strong influence on the course of trading will have news on oil and petroleum products inventories in the US (15:30 GMT). Current growth according to our forecasts will end soon and quotes will continue to rise to a local minimum in the near future. Our medium-term outlook also remains negative on the background of saving the oversupply of oil on the market and the expected growth after the lifting of sanctions against Iran.