25.09.2014 - Crude oil inventories in the United States unexpectedly declined

The price of gold resumed its decline on the background of positive statistics on the housing market in the United States, where in August new home sales rose to the highest level since 2008 - 504 thousand, against analysts' forecast 432 thousand. It is worth noting that at the moment the price dropped to the minimum levels since the beginning of the year and may continue to decline to the psychologically important level of 1180-1200 per ounce. Further downside potential is limited in connection with the approaching of the gold price to the cost of its production. Demand for the metal in the future can be supported by holidays in China and India, where in the 4th quarter is a growing demand. We expect the resumption of purchases in the medium term and maintain a medium-term positive outlook.

The price of Light Sweet crude oil has grown in connection with the publication of data on oil and petroleum products inventories in the United States. Thus, the oil reserves fell by 4.3 million barrels against the expected growth of 0.7. The market was also supported by positive news on the housing market in the United States. At the same time, growth in oil supplies from Iraq and Africa offsets the tension caused by the hostilities in Syria and Iraq. Oil demand in Europe remains weak. We expect the resumption of the downward movement in oil prices in the near future and maintain a medium-term negative outlook with the target at 90.00 dollars per barrel.

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