26.06.2015 - Oil traders are waiting for cancelation of sanctions against Iran
The price of gold showed growth amid fears of investors about a possible default of Greece in the event of the failure of negotiations on the reforms necessary for the country's debt restructuring. Negative for gold was the data on the growth of consumer spending in the US at 0.9%, the biggest increase since August 2009. Analysts expected an increase of 0.7%. On the other hand, revenues in May rose by 0.5%. The focus of investors will continue to be on talks over Greece. Today, the course of trading will be affected by the data on the index of consumer confidence in the US (14:00 GMT). Our medium-term outlook remains positive.
The price of Light Sweet crude oil continues to fall within the corridor 59,25-61,70 per barrel. The reason for the decline was the growth of quotations of gasoline inventories in the United States, which has offset the positive effect of the reduction in crude oil reserves by 4.8 million barrels per day. Oil production in the US remains at 9.6 million barrels a day, which indicates the absence of the expected decline in oil production. In addition, investors are waiting for the lifting of sanctions against Iran, which will lead to an increase in the excess of oil on the market by 1 million barrels a day. The agreement may be signed on June 30 but still remain risks of saving sanctions. An important factor is the reduction in oil imports in China, which is the second largest oil consumer in the world. Our medium-term outlook for oil remains negative with the target around 50-52 dollars per barrel.