06.07.2015 - We expect a further fall in oil

The price of gold rose on the results of the referendum in Greece where about 61% of the voters decided to reject the proposal of the creditors on the country's austerity measures needed to restructure the debt. In the near future, the dynamics will depend on the statements of European politicians tomorrow after a summit of EU leaders today after the ECB meeting. The probable Greek exit from the Eurozone will have negative consequences for the European Union and will support the demand for gold. Our medium-term outlook remains positive, but the growth potential in the near future is minimal.

The price of Light Sweet crude oil continued to decline against the background of statistics on the number of active rigs in the US, the number of which increased by 12, to 640, marking the first increase in the last 6 months. The excess oil on the market, waiting for the agreement on the nuclear program of Iran, which will lift the sanctions and risks associated with the Greek crisis, which could lead to a reduction in oil consumption in Europe continue to adversely affect the attitude of investors to oil. Our medium-term outlook remains negative and we recommend holding short positions on oil.

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