13.11.2014 - The oil is consolidating near the local minimums
The price of gold has remained stable on the background of lack of drivers for the growth of quotations. Growth on stock markets and the strengthening of the dollar continues to put pressure on the quotations of the metal. It is also worth noting, the lower demand for gold from Asian consumers who are traditionally increase gold purchases in the 4-th quarter before the holidays. Growing interest of investors is possible in case of growth of geopolitical tensions and significant correction on the stock markets. We expect a continuation of price consolidation near current levels in the nearest future.
The price of oil continues to fall against statements of the experts that the decline in oil production of OPEC countries by 226.4 thousand barrels per day in October, will not affect the oversupply of oil on the market. The largest drop in production was recorded in Saudi Arabia, which reduced the volume to 9.6 million barrels per day. The data on slowing the growth of industry in China to 7.7% which is 0.3% less than last month continues to put pressure on the stock. Today the course of trading will be influenced by the statistics on oil reserves in the US (16:00 GMT). We maintain a medium-term negative outlook and recommend holding short positions.