23.04.2015 - Oil production in the US has declined
The price of gold fell yesterday against the strengthening US dollar after the release of positive statistics on the labor market in the country, where the number of home sales in the secondary market rose to 5.19 million, 0.15 million better than analysts' expectations. At the same time, investors continue to follow the news from Greece, regarding the debts of the country and receiving the next tranche of 7.2 billion euros. European politicians believe that Greece will remain in the euro zone. At the same time, Saudi Arabia has stopped bombing Yemen. Today the dynamics of trading will depend on the statistics on the labor market (12:30 GMT) and new home sales in the US (14:00 GMT). Demand in India remained weak despite the holiday period, which is caused by low income of population. We maintain a positive medium-term outlook for gold, but the forecast drop in the near future.
The price of oil Light Sweet crude oil is consolidated near the level of 56 dollars per barrel. Yesterday was published data on oil reserves in the United States, which increased by 5.3 million barrels, with an expected growth of 2.7 million barrels. At the same time, investors more closely followed the volume of oil production, which fell by 0.19% or 18 thousand barrels per day. Experts expect a decline in production in the US that will support oil prices, but on the other hand, OPEC countries continue to increase production volumes, and sanctions against Iran may be canceled in June, which will increase the supply of oil in the market. We maintain our medium-term negative outlook on oil.