25.07.2016 - Drilling activity in the US continued to grow
The price of gold continues to decline amid speculation growth on more hawkish Fed rhetoric during the publication of the next statement of the American regulator, which is scheduled for Wednesday. In addition, concerns about the impact of the UK exit from EU has reduced. This week is also worth paying attention to important data on the growth of the US GDP and the statement of the Bank of Japan on monetary policy on Friday. Our medium-term outlook remains positive on the background of the risks of falling stock markets, but the decline may continue in the near future.
The price of Light Sweet crude oil continues to decline amid the growth of the number of active rigs in the US for 4 weeks in a row, indicating a resumption of activity in the sector. Besides OPEC countries continue to increase the supply, together with concerns about the pace of growth in global demand for oil will continue to put pressure on oil prices in the near future. This week, it is worth paying attention to the data on stocks of crude oil and the Fed's statement on monetary policy on Wednesday, as well as the preliminary statistics on the growth of US GDP in the second quarter. Our medium-term outlook remains negative, but the downside has reduced.