04.07.2014 - United States for the first time in 40 years has sold oil for export

The price of gold continues to move steadily around the level of 1320 dollars per troy ounce. Price volatility rose yesterday after the publication of data on the U.S. labor market, where unemployment fell to 0.2% in June to 6.1%. In addition, the ECB President Mario Draghi said yesterday that the regulator's policy will remain ultra-soft for a long time. Geopolitical risks related to the situation in Ukraine and Iraq, continue to support the bulls, but the demand for physical gold in Asia remains low. We maintain a positive medium-term outlook for gold 1350 with the objectives and 1365 dollars per troy ounce.

The price of American benchmark Light Sweet crude oil stabilized and now is consolidating around the level of 103.60. Positive data on unemployment in the U.S. stopped the fall in the expectation that growth in the number of employed people will increase the demand for oil in the United States. A further price reduction is due to an expectation of oil export growth from Libya to 500 thousand barrels a day compared with 200 thousand in the previous month. It is noteworthy that the first batch of oil was sold from the U.S. with a volume of 400 thousand barrels, which may reduce future price of oil in Europe. We expect a continuation of the downward movement of the price of oil, but the course of trading can be changed by the news from Iraq where continues the confrontation between Sunni militants and the government.

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