07.04.2016 - Crude oil inventories unexpectedly rose in the US
The price of gold showed an increase due to the weakening of the US dollar after yesterday have been published reports of previous meetings of the Federal Open Market Committee in the United States. As a result, the likelihood of raising interest rates fell to 3% in April. Concerns about the future growth of US indexes also supported interest in gold. As a result, we may see further purchases in the near future. On the other hand, the expectation of rising inflation in the US will lead to an increase in Fed interest rates and the strengthening of the dollar, which in the medium term will be the reason for the fall of gold with a potential target of 1100 dollars per troy ounce. The fall in stock markets can support the quotations of the metal in the near future.
Futures price of Light Sweet crude oil showed strong growth against the backdrop of a number of factors. So, investors fixed positions after the recent decline, US crude stocks and oil fell by 4.9 million barrels last week, against the forecast of growth by 3.1 million barrels. It is worth noting that on the market renewed speculations about a possible freezing of oil production at the level of February among the countries of participants of the meeting that will be held on April 17 at Doha. According to our estimates, this meeting will have a limited impact on the imbalance of supply and demand of oil in the world. Our medium-term outlook remains negative.