06.04.2016 - Oil corrected after the recent reduction
The price of gold showed growth against the backdrop of the fall on the US stock markets, which traditionally has a positive effect on gold. In case of continuation of the negative dynamics on the stock markets the growth will continue. On the other hand, it is worth noting that the head of the IMF Christine Lagarde announced the increase of risks and worsening prospects for global growth. The main factor, in addition to the dynamics of the stock market, which will affect the mood of investors is the Fed's monetary policy, and according to our estimates, its tightening will be tougher than the current average forecast on the market, which will lead to an increase in the dollar and lower gold prices. Our medium-term outlook remains negative.
The price of Light Sweet crude oil corrected up after the recent sharp decline. Investors react to the dynamics of the price of the US dollar, as well as speculation about a meeting of representatives of major oil producers in Qatar, which will be held April 17 and according to our estimates will be fruitless. It is worth noting that Russia increased its oil production to the highest level in more than 30 years. Today, it is worth paying attention to statistics in US oil inventories (14:30 GMT). Given the oversupply and continued growth of inventories, we keep negative medium-term outlook for oil.