25.06.2015 - The price of oil cannot continue to grow despite the decline in US inventories
The price of Light Sweet crude oil continues to consolidate within the corridor 59,25-61,70 dollars per barrel. Investors are in no hurry with actions due to the lack of new stimulus for growth. Statistics on US crude oil inventories, which fell last week by 4.9 million barrels against an expected fall of 1.8 million barrels could not lead to the growth of quotations in connection with the increase in the volume of gasoline stocks by 700 thousand barrels. In addition, traders are waiting for the outcome of the negotiations on Iran's nuclear program. In the case of the lifting of sanctions on oil exports, we expect a strong decline in prices by 10-15%. The excess of oil on the market continues to put pressure on the quotes and in this regard, we maintain a medium-term negative outlook.