28.09.2016 - In Algeria today will talk about the fight with an excess of oil on the market
The price of gold fell amid a stronger US dollar and lower demand for defensive assets after most experts believe that Hillary Clinton has won the debates with the candidate in the US president Donald Trump, whose victory is a serious risk for the stock markets and the US economy as a whole. It is worth mentioning the publication of positive statistics on consumer confidence in the US from the Conference Board, which rose to 104.1 in September against the forecast of 98.6. Today, in the focus will be the release of the report on the volume of orders for durable goods (12:30 GMT) and the speech of the Fed's chief Janet Yellen (14:00 GMT). Our medium-term outlook remains positive, but the current decline may continue in the near future to the psychologically important level of 1300 dollars per troy ounce.
The price of Light Sweet crude oil showed a decrease after the probability of reaching a consensus on the issue of freezing or reducing of oil production. Informal meeting of a number of major oil producers will take place today and the statements of representatives of the members of OPEC and Russia can lead to increased volatility. The dynamics of trading today will also affect news on US oil and petroleum products inventories (14:30 GMT). We maintain our medium-term negative outlook due to the saving of excess of oil supply on the market and we expect a strong price movement.