20.04.2015 - The price of oil has stabilized after strong growth
The price of gold rose slightly, but continues to consolidate near the level of $ 1,200 per troy ounce. Statistics on the growth of inflation in the US by 0.2% had not much impact on investor sentiment. The main factor that affects the mood of investors are waiting of rising interest rates rise by the Fed, as well as the negotiations between Greece and its creditors. Increased likelihood of Greek default will increase the demand for defensive assets. We maintain a positive medium-term outlook for gold, but in the near future quotes will likely continue to consolidate around current levels.
The price of Light Sweet crude oil moves near the level of 58, after strong growth inside the rising channel. Saving the current dynamics will lead to the growth to the level of 60 dollars per barrel. The main drivers of growth of oil became the reduction of the data on volume of oil production by 20 thousand barrels per day. At the same time, US crude oil inventories continue to rise, while production in Saudi Arabia and OPEC countries also increased. It should also be recalled about continued talks on Iran's nuclear program, which can lead to an increase in oil supplies to the market and lead to a drop in oil prices by 5-15 dollars per barrel in 2016. Our medium-term outlook for oil remains negative and we recommend to wait for a signal to open a short position.