30.06.2016 - Oil rose amid the decline of inventories in the US
The price of gold continues to consolidate after showed strong growth against the background of a sharp increase in interest in defensive assets after the historic referendum on the UK’s exit in the EU, which will have negative consequences for the economy of the region. It should be noted that the fall on the stock markets also supported the price of gold and in case of its resumption, we can see the increase to 1400 dollars per troy ounce in the medium term, despite the expected increase in the US dollar. Our forecast for the near future remains positive on the background of the expected saving of uncertainty on the markets.
The price of futures on Light Sweet crude oil showed an increase within the correction after a beating at the end of last week. In addition, recent growth of quotations was supported by fears of strikes in Norway, which produces about 2 million barrels of oil per day. Yesterday, the support for oil was the news from the United States on reduction of oil production by 55 thousand barrels per day to 8.622 million barrels per day. Crude oil inventories in the US fell by 4.1 million barrels against the forecast of decline by 2.3 million barrels. Despite the decline in US production, an excess of oil on the market will be maintained in the medium term. We forecast a decline in oil prices in the near future.