16.07.2015 - The price of oil has stabilized near 52-53 dollars per barrel
The price of gold showed a decrease and reached the target level at 1143 dollars per troy ounce. The reasons for the reduction of quotations of precious metals was the strengthening of the US dollar against the background of Fed chairwoman’s statement Janet Yellen on the expected increase in interest rates of the Fed this year. In addition, the Greek parliament voted in favor of the laws necessary for the production of a third bailout package of around 85 billion euros. Demand from investment funds is low and they are in no hurry to increase investments in gold. In addition, the Chinese and Indian consumers reduced their purchases due to seasonal factors. Our medium-term outlook remains positive, but the fall is likely to continue in the near future.
The price of Light Sweet crude oil fell yesterday to the local minimum due to reaching an agreement on the Iranian nuclear program, which will increase the supply of oil on the world market by about 0.7 million barrels per day. At the same time it is worth noting the presence of about 40 million barrels of oil in storages in Iran, and it is likely to be gradually placed on the market. The potential for further reduction has fallen. It is worth noting that the decline in US oil inventories by 4.3 million barrels compared to the expected reduction of 2.0 million barrels could not lead to an increase in oil quotations. We expect consolidation of prices near current levels in the near future and look forward for the new signal for opening positions.