09.06.2016 - Oil inventories in the US continued to decline

The price of gold continued to rise and reached an important level of 1260 dollars per ounce, which was the result of the US dollar decline and increased demand for the precious metal after publication of weak data on the US labor market, which excluded the possibility of the Fed raising interest rates in June. Despite this, the likely improvement in employment statistics and inflation in the coming months are likely to lead to a tightening of monetary policy in the United States that will be the reason for the fall in gold prices. According to our estimates, growth in the near future may continue to an important level of 1300 dollars per troy ounce, but the medium-term outlook remains negative.

The price of futures for the Light Sweet crude oil continued to rise after broke the psychologically important level of 50 dollars per barrel. The reason for the recent growth was the statistics on the reduction of oil inventories in the US by 3.2 million barrels last week, in line with expectations. This fact is explained by the disruption of oil supplies from Canada. It is worth noting that in the US oil production rose to 8.745 million barrels per day versus 8.735 million barrels per day in the prior period. Supply disruptions from Nigeria also supported oil prices. According to our estimates, the current growth may continue, but the likelihood of the correction remains high.

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