11.02.2015 - The price of oil continues to decline
The price of gold continues to move in the range of 1230-1244 dollars per troy ounce. The price of the metal has stabilized after the strong decline on the background of improvement in the US labor market, which increases the probability of the Fed raising interest rates in June. Theattention of investors focused on today's meeting of Eurozone finance ministers at which will consider the Greek question, as well as negotiations in Minsk on Ukrainian crisis, the failure of which may lead to renewed deterioration relations between the West and Russia. We expect the growth of quotations of gold in the medium term and recommend to accumulate long positions.
The price of Light Sweet crude oil continues to show strong volatility against the publication of the forecast of the International Energy Agency, according to which the decline in oil production in the second half of the year will lead to a resumption of growth in oil prices, but the growth rate will be minimal. At the same time, the decline in inflation in China may contribute to stimulating measures from the government and support the demand for oil. Today, the focus of investors will be the data on oil and petroleum products inventories in the US (15:30 GMT). At the moment, the excess of supply of oil on the market continues to put pressure on the stock, and we expect a continuation of the downward movement in the medium term.