07.07.2014 - Libya will increase the volume of oil exports
Volatility of gold prices in recent weeks is extremely low. Investors are trying to assess the geopolitical risks and the situation on the labor market in the U.S., which is improving steadily. Today we see a slight decrease in the price due to the success of the Ukrainian army in the eastern regions of the country, where continues anti-terrorist operation. Demand for gold in Asia remains weak, and investment funds during the last week were gradually building up the amount of investments in gold. We maintain a positive medium-term outlook for gold.
Oil price decline slowed in America, after a significant drawdown last week which was caused by the fear of falling demand for petroleum products in connection with Hurricane Arthur, that has led many Americans to stay at home for the holidays. High prices are supported by the tense situation in Iraq and the improvement in the labor market in the United States. In Libya, announced the resumption of export from two major ports with capacity of 560 thousand barrels per day out of total capacity of 1.3 million barrels per day. We expect gradual decline in oil prices in the medium term.