07.08.2015 - Oil dropped to $ 45 per barrel
The price of gold rose slightly and continues to consolidate around the level of $ 1,100 per troy ounce due to the expectation of today's publication of an important report on the labor market in the US (12:30 GMT) from which will depend expectations about the timing of the Fed raising interest rates, which will lead to a drop in gold prices amid rising interest in protecting assets with yield. The resumption of demand for the metal in Asia is expected in autumn and at the moment there is no reason for the growing interest in gold. We expect increased volatility today, and fall in the price in the near future.
The price of Light Sweet crude oil has reached the target level of 45 dollars per barrel, and corrected upward. According to experts oversupply of oil on the market at the moment is about 2.0 million barrels a day, compared with 1.8 million barrels per day in the first half. It is worth noting a slight growth of oil production in the United States to 9.5 million barrels a day. According to some estimates, the fall of the price may be in autumn amid the absence of facilities for the storage of oil. On the other hand the potential of significant reducing of quotations declined and the fall below 40 dollars a barrel is unlikely. Our medium-term forecast for oil will remain negative.