12.08.2014 - OPEC increased its production of oil
The price of gold continues to consolidate below the level of 1310 dollars per troy ounce, after it slightly decreased on the background of improving geopolitical situation in the world. Thus, the air strikes on militants in northern Iraq helped Kurdish forces to keep militants away, in Gaza was declared a ceasefire for 72 hours. At the same time in a war zone in Ukraine will be send humanitarian aid, but experts fear the attack on the Red Cross, which may lead to the deployment of Russian troops on the territory of Ukraine, which can lead to an open military confrontation between Ukraine and Russia, and will greatly increase demand for gold. At the same time, the demand for gold from investment funds and consumers in Asia continues to fall. We maintain our positive medium-term outlook for gold in anticipation of a fall on the stock markets.
Price for the American Light Sweet crude oil continues to consolidate below $ 98 per barrel. Traders are closely watching the situation in Ukraine and the Gaza Strip. Air strikes on militant positions in northern Iraq have reduced the likelihood of capturing the oil fields in the territory, which is controlled by Kurdish forces. OPEC lowered its forecast for oil consumption, but it has increased the daily output in July by 170 thousand barrels per day to 29.91 million barrels per day. Investors are awaiting data on oil inventories in the United States, which will probably decline for the seventh consecutive week. We maintain a medium-term negative outlook for oil.