16.03.2016 - Oil changed local uptrend
The price of gold has stabilized near the level of 1230 dollars per ounce after in the US was published weak data on retail sales in the country, which fell by 0.1% in February. Investors are waiting for today's Fed statement on monetary policy (18:00 GMT) and the press conference of the head of the Federal Reserve Janet Yellen (18:30 GMT). In case of more hawkish rhetoric, the price of gold will fall. Today, the mood of investors will also have the effect the statistics on the consumer price index, housing market (12:30 GMT) and the volume of industrial production in the US (13:15 GMT). We expect increased volatility today and maintain the medium-term negative outlook.
The price of futures for Light Sweet crude oil fell yesterday on news that Russia has supported Iran's decision not to join the initiative to freeze the volumes of oil production of the country at the level of January. It is worth noting that Iran's oil minister said that the country will not join the initiative to freeze the volumes of oil production until they reach 4 million barrels per day. Today will be published important data on US oil and petroleum products (14:30 GMT), the growth of which will lead to a further drop of oil. We forecast a decline in quotes in the near future and maintain the medium-term negative outlook on the background of saving the oversupply and rising oil inventories.