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22.11.2016 - Progress in negotiations of OPEC countries has a positive effect on the price of oil

The price of gold showed growth after investors began to fix positions on the US dollar after long strengthening caused by the expected acceleration of economic growth in the US in the case of tax cuts and increased government spending in America. It is worth noting the increased demand for gold in India over concerns about a possible ban on the import of gold into the country after it was previously banned to use major bills to fight the shadow economy. According to our estimates, gold demand growth may resume in the case of a fall on the stock markets, which will lead to an increased interest in defensive assets. Our medium-term outlook remains positive, and the potential for further decline is reduced.


The price of Light Sweet crude oil continued confident growth amid a stronger US dollar and rising hopes for the final agreement concerning the reduction in the volume of oil production in the OPEC countries to 32,5-33,0 million barrels a day after Iran was offered special conditions under which there is no the need to reduce oil production. It should be noted that Libya and Nigeria also want special conditions on the background of the need to restore previously lost market share. According to our forecasts, the volatility in the near future will be increased until the OPEC meeting on 30 November. Our medium-term outlook remains negative, but in the near future, growth may continue.

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The CIF license of PFX Financial Professionals Ltd has been suspended by the Cyprus Securities and Exchange Commission until the 24th of December 2016. Please click here
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