The price of gold is corrected after a significant decline on the background of improving situation on the labor market in the United States, which supported the quotes of dollar and increased speculation about the Fed raising interest rates in June this year. The focus of investors is on the Greek crisis, which stimulates the demand for defensive assets. The activity of buyers in China has also increased due to lower prices for gold. It is worth noting that the high season in China before the Chinese New Year on February 19-20, is over and interest in gold will be supported by a concern for a significant correction in the stock markets, the debt crisis in Greece and geopolitical tensions related to the confrontation between Russia and the West. We maintain our medium-term positive outlook and expect continued growth in the near future.
The price of Light Sweet crude oil showed an increase on the background of statistics on reducing the number of drilling rigs in the United States to 1140, which is the lowest level since December 2011. In addition, OPEC announced the forecast of increase in demand for oil cartel by a decline in oil production in the United States. In addition, previously stated the reduction in oil production in Russia. This fact points to the correct strategy of OPEC, which last year refused to reduce the volumes of oil production. Investors are waiting for the publication of statistics on oil and petroleum products inventories in the US, which will be published tomorrow. Lower growth in demand in Asia and Europe, as well as the excess of oil on the market continue to put pressure on oil prices. We maintain our medium-term negative outlook on oil with a potential drop to 45.00 and 40.00 dollars per barrel.