07.10.2015 - Oil soared yesterday
The price of gold continued to rise and reached an important level of $ 1,150 per troy ounce. The increased interest in gold was caused by several factors. Thus, the weakening of the dollar amid weak statistics on the trade balance whose deficit rose to 48.3 billion in August, against 41.8 billion in the previous period, the dollar has weakened. Furthermore investor confidence in the Fed raising interest rates in December has fallen. We should not forget about waiting for the growth in demand for gold in Asia due to seasonal factors. Tomorrow is forecasted the increase in volatility after the publication of minutes of the previous meeting of the Federal Reserve. We expect price correction after the strong growth, but do not rule out continuing upward trend in the near future.
The price of the US benchmark Light Sweet crude oil showed strong growth against the backdrop of a number of factors. Thus, the general secretary of OPEK Abdallah Salem el-Badri said about a possible rebound in oil prices due to the decline in investment in the oil sector in the world, which will reduce the excess of oil supply on the market. At the same time oil consumption growth next year will be around 1.3 million barrels per day. Today, a strong influence on the course of trading will have data on oil reserves in the US (14:30 GMT). We maintain a negative medium-term outlook for oil, but in the near future we can see continued growth.