11.06.2014 - Today will be a meeting of OPEC
The price of gold continued to rise amid data on wholesale inventories in the United States. Increase of this indicator points to an imbalance between production and consumption. Such growth testifies the weakening demand, which can lead to negative consequences for the economy. In addition, traders increased gold positions due to growth stop on the stock markets. We are positive about the prospects for growth of gold prices in the long term.
The price of Light sweet crude oil has resumed growth despite the report of the American Petroleum Institute, which noted the growth of oil inventories by 1.5 million barrels, which is 0.3 million more than expected. At the same time, gasoline inventories dropped by 0.5 million barrels. Today will be published data on oil and petroleum products inventories in the United States (14:30 GMT). Also today, the course of trading may be influenced by the news from the OPEC meeting, which will decide on the issue of compensation decline in supplies from Libya. We look forward to continuing downward movement in the near future.