29.10.2015 - Oil prices corrected upwards
The price of gold yesterday showed a strong increase in volatility. Thus, quotes grew before the Fed statement on monetary policy against the background of the expected soft rhetoric of the American regulator, but the Federal Reserve announced that it will follow the situation on the international markets, but did not mention the negative impact of the crisis in China for the US economy. As a result, the Federal Open Market Committee will consider raising interest rates at the meeting on 15-16-th December. Tighter monetary policy is negatively displayed on the price of gold. Today, a strong influence on the course of trading will have preliminary data on US GDP growth in the third quarter (12:30 GMT). We expect increased volatility today.
The price of Light Sweet crude oil rose yesterday after the publication of statistics on oil reserves in the United States, which increased by 3.4 million barrels compared with an expected growth of 3.7 million barrels. The main factor that contributed to the rise in prices was the news about the increase in refinery capacity utilization by 1.2% to 87.6%, indicating the completion of maintenance at the refineries in connection with the transition to the production of winter fuel. Today, a strong influence on the course of trading will have news on preliminary estimates of GDP growth in the US (12:30 GMT). Our medium-term outlook for oil remains negative despite the possibility of continuation of the current correction.