09.09.2016 - American crude oil inventories sharply declined
The price of gold fell within the correction after rose amid weak US data on the index of business activity in the service sector, the Fed lowered the probability of raising interest rates in September. The uncertainty n the equity markets also supported the demand for defensive assets such as gold. in the coming months we will see an increased demand for gold in connection with the start of the festive season in India and China, which are the largest consumers of the metal in the world. Our medium-term outlook remains positive due to the expected increase in interest in safe assets and the volatility in the coming weeks, according to our estimates will be increased.
The price of Light Sweet crude oil continued to rise after in the US was published data on oil inventories which declined by 14.5 million barrels against an expected growth by 0.6 million barrels. The reason for this decline were the supply disruptions from the Gulf of Mexico due to a tropical storm. It should be noted that this fact is of short duration and will not influence the oversupply of oil on the market. The growth of oil is restrained by the strengthening of the US dollar. The coming weeks will be volatile due to speculation about the future meeting of major oil producers in the energy summit in Algeria in late September. Our medium-term outlook remains negative with the objectives at 36-40 dollars per barrel.