12.05.2016 - US crude oil inventories fell by 3.4 million barrels
The price of gold has shown growth amid falling stock markets, which increased the interest in defensive assets. It should be noted that reasons for the rise in price of gold was the decrease in the probability of the Fed raising interest rates in the summer, and uncertainty about growth prospects on the stock markets of the world, which traditionally leads to an increase in the price of gold as a defensive asset. Tomorrow, on the dynamics of trading will affect the important data on US retail sales. Our medium-term outlook remains negative, but we do not exclude the quotations decline to 1300 per troy ounce in the near future.
The price of Light Sweet crude oil showed growth against the publication in the United States the statistics on oil inventories, which last week fell by 3.4 million barrels against an expected increase of 0.1 million barrels. This is partly due to disruptions of supply from Canada in connection with forest fires. At the same time, support for oil prices was a report about a possible halt in oil production in the major fields in Libya in connection with the blocking of ports in the country by militants. In addition, disruptions in oil supplies is also expected in Nigeria. Despite these temporary factors, the decline of oil is likely to resume in connection with the growth of production in Iran, Saudi Arabia and Russia. Our forecast of oil for the coming months remains negative.