08.01.2015 - The price of oil has risen by a decline in US inventories

The price of gold yesterday continued to decline after the publication of data on the labor market in the United States from ADP. In the report of the organization was noted increase in the number of new jobs by 241 thousand, against a forecast of 227 thousand. This indicator is not a major one and increasing volatility is expected tomorrow after the release of data on the US labor market. At the same time, the growth on the stock markets caused by the publication of the minutes of the previous meeting of the Fed, which indicates that the rates remain at current levels until at least the end of April. Despite the current growth, we maintain a positive outlook for the medium-term due to the expectation of a further fall in the stock markets.

The price of Light Sweet crude oil rose yesterday against the background of correction after overcoming the level of $ 50 a barrel for the first time since May 2009. A positive factor for the quotations of oil was the news on reduction in US oil inventories by 3.1 million barrels, compared with an expected growth of 0.9 million barrels. These indicators are associated with the growth in oil demand due to the cold snap in the United States. At the moment, the excess supply of oil on the market, together with weak demand for oil in Asia and Europe leads to the continuation of lowering of prices. Our medium-term outlook remains negative and we recommend holding short positions due to the absence of reasons to change the negative trend.

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