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- 13.04.2016 - Oil rose on hopes related to the meeting in Qatar
13.04.2016 - Oil rose on hopes related to the meeting in Qatar
The price of gold could not continue to grow, and started to fall against the background of fixing positions, growth on the stock markets, as well as an increase in the price of silver, which has led to a decrease in interest in gold. It is worth noting that today have been published positive data on the trade balance of China, where exports grew by 11.5% compared to the same period last year. Analysts predicted growth by only 8.5%. It should be noted that this growth was the first after eight months of contraction. In case of a resumption of the negative dynamics on the world stock markets, gold will resume growth with the potential of reaching the level of 1300 per troy ounce. Our medium-term outlook remains negative.
The price of Light Sweet crude oil continued to grow and reached the level of 43 dollars per barrel. Reason for optimism remains speculations about a possible consensus at the meeting of a number of major oil producers in Qatar, which will take place on 17 April. According to our estimates, the results of the meeting will not affect the balance of supply and demand on the market in connection with the intention of Iran and Libya to continue increasing oil production. Today is expected to rise in volatility after the publication of a report on oil inventories in the US (14:30 GMT). Our medium-term outlook remains negative and we are waiting for a strong price movement in the coming days.