22.06.2015 - The number of active rigs in the US continues to decline
The price of gold decreases after rising last week, which was caused by the Fed's statement on the monetary policy in which was noted the likely rise in interest rates before the end of the year and lowered its forecast for economic growth in the United States. Investors continue to follow the development of the Greek crisis. Today in Brussels, will continue the talks between the Eurogroup and Greece. Gold demand from investment funds remains low, and the consumption of the metal in Asia is low due to seasonal factors. Our medium-term outlook remains positive, but in the near future the price of gold will likely continue to consolidate near the levels of 1170-1230 dollars per troy ounce.
The price of Light Sweet crude oil increases after a decline in the last trading day of the previous week. Support for oil was the statistics on reduction the number of drilling rigs in the United States by 4 units to 631. Despite the reduction in the number of drilling rigs, oil production remains at the maximum level. In Saudi Arabia announced their intention to increase oil production in case of increased demand. The central theme till the end of the month will be an agreement on the lifting of sanctions against Iran, which could be signed on 30 June. In case of a consensus on the nuclear program of the country and the lifting of sanctions, we expect the fall in oil prices. Our medium-term outlook remains negative.