06.10.2015 - Oil continues its consolidation
The price of gold has stabilized after the strong growth on Friday caused by weak statistics on the labor market in the US, which raised investors' concerns about the health of American economy, as well as reduce the likelihood of the Fed raising interest rates in December, which is positive for gold. Waiting for the growth of gold consumption in China, India and other Asian countries is due to the holiday season, which runs until the end of February, have a positive effect on the gold price. In the near future is likely the continued movement of quotes within the range of 1100-1150 dollars per troy ounce.
The price of Light Sweet crude oil showed growth on a number of factors. Thus, Russia's intention to negotiate with the countries of OPEC on the situation in the oil market, reducing the number of active drilling rigs, and the decline in oil production in the United States to 9.1 million barrels per day compared with 9.6 million barrels per day in April, supported the quotes. At the same time investors are worried about rising geopolitical tensions around Syria. Tomorrow will be published data on oil reserves in the United States. We maintain a medium-term negative outlook due to the persistence of excess supply of oil on the market and fears of slowing global GDP growth.