30.07.2015 - Oil production in the US fell by 1.45%
The price of gold resumed its decline against the backdrop of the lack of change in the Fed's rhetoric regarding the increase in interest rates. Some experts predict a rate hike in September, which will lead to an increase in the dollar and the fall in gold. Investment funds continued to sell gold and jewelry demand remains weak. Today, the dynamics of prices will depend on the data on the growth of US GDP in the second quarter. We expect a further fall in prices in the near future.
The price of Light Sweet crude oil rose amid the publication of data on US crude inventories for the week that fell by 4.2 million barrels, against the forecast of a reduction by 0.1 million barrels per day. At the same time, oil production in the US decreased by 1.45% to 9.413 million barrels per day. The main reasons that put pressure on oil quotations remain oversupply on the market that will continue to grow thanks to the lifting of sanctions against Iran and the strengthening of the US dollar. Investors also negatively assessed the weak data on industry in China, which is the world's second largest oil consumer. We expect the fall in oil prices in the medium term and the increased volatility today after the release of statistics on the growth of US GDP (12:30 GMT).