11.08.2015 - The price of oil is corrected upwards
The price of gold rose today against the background of the devaluation of the yuan, which has been associated with the change of method for calculating of the national currency of China. At the same time, support for the gold was the statement of the deputy head of the Fed Fisher, who noted that inflation remains weak. After a long consolidation around the level of $ 1,100 an ounce, investors started to fix the position on the background of the lack of power from the bears. We expect the increase in prices in the near future, by 2-4%.
The price of Light Sweet crude oil is corrected upward after a steady decline over the previous trading session. The decline of the US dollar also encourages the purchase of crude oil today. Despite this, statistics from the US shows the growth in the number of active rigs in spite of falling oil prices. Investors are concerned about the slowdown in the industry in China and the imminent completion of the travel season in the US, which also will lead to a drop in demand for oil. In addition, some refineries will conduct maintenance in the fall. Tomorrow will be published data on industrial production in China and oil reserves in the US, which will lead to increased activity of investors. We expect falling prices in the medium term, but its potential is reduced.