15.05.2014 - U.S. oil inventories increased again
The price of gold continued gradual rise amid expectations of introduction of additional measures to fight inflation in the euro area, which can be launched in June, as well as due to the growth of the producer price index in the U.S. by 0.6% in April, compared with an expected growth of 0,2%. High prices are also supported by the tense situation in Ukraine, the deterioration of which is expected before the presidential election on May 25. Demand for the metal in Asia remains weak. We keep medium and long term positive outlook for gold.
Price volatility of Light sweet crude oil rose yesterday against the publication of data on oil and petroleum products inventories in the U.S. Thus, the oil reserves are near record levels since 1982 and increased by 0.9 million barrels. At the same time, the gasoline inventories reduced by 0.77 million barrels. Traders are closely watching the possible lifting of restrictions on oil exports from the U.S. and the situation in Ukraine. We maintain a long-term negative outlook for oil and expect reduction of quotations after the stabilization of the situation in Ukraine.