17.02.2015 - The price of oil continues to consolidate

The price of gold increased slightly yesterday against the background of negotiations on the debt crisis in the Eurozone. Demand for gold in China is increased before long weekend in the country, which is associated with the celebration of the New Year. Investment funds reduced holdings of gold against the background of historic highs on the American stock market. At the moment we are seeing a decline in quotations which can lead to a drop in the price to the levels of 1180-1200, about which the purchases are likely to resume. Further movement of the price of gold will depend on negotiations on the Greek debt, situation in Ukraine and the publication of minutes of the previous meeting of the Fed on Wednesday. We maintain a positive medium-term outlook for gold, but expect a further fall in prices in the near future.

The price of Light Sweet crude oil consolidates near the strong level of 54.00 dollars per barrel. The reason for the increase in the price of oil has recently become the data on reduction the number of drilling rigs in the United States to its lowest level since 2011 - 1054. At the same time, analysts note that the oversupply of oil on the market at the moment is about 1.4 million barrels day, compared with 0.9 million barrels per day in the 4th quarter of last year. This fact is confirmed by a steady growth in US oil inventories. We expect the resumption of downward movement of oil prices in the near future. At the same time, in the second half of the year the price of oil may resume growth to $ 60 per barrel. We forecast a drop in prices of oil in the near future.

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