29.03.2016 - We expect further decline in oil

The price of gold continued to consolidate against the background of low trading volumes after the weekend. It is worth noting that the positive statistics from the US on GDP growth of 1.4% in Q4 increases the likelihood of earlier Fed raising interest rates. Today, the dynamics of trading will affect news on consumer confidence in the US on March from Conference Board (14:00 GMT), as well as the speech of the Fed's chief Janet Yellen (16:20 GMT). Our medium-term outlook remains negative due to lower demand for protective assets, pressure from the expected increase of the Fed’s rates and strengthening of US dollar.

The price of Light Sweet crude oil renewed decline after a minor correction caused by the positive data from the US and fixing positions before the long weekend. Tomorrow will be published statistics on the oil and petroleum products inventories in the US. Speculation regarding the meeting of major oil producers in Qatar eased due to the lack of real impact of this event on the situation with excess of supply of oil in the world. Our medium-term outlook remains negative and we expect a decrease in the near future.

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