30.12.2014 - The growth of oil reserves led to the fall of quotations of "black gold"
The price of gold yesterday showed a decline against the strengthening of the US dollar against the euro and the yen. It is worth noting that the political crisis in Greece could trigger a rise in demand for defensive assets like gold. Elections to the Parliament is scheduled for January 25 and may lead to power the opponents of European integration. Interest in gold can also grow in the case of falling stock markets in the world. We expect low volatility in the coming days. Our medium-term outlook remains positive and we continue to recommend holding long positions in gold.
The price of Light Sweet crude oil continues to decline and updated minimum of around 54.00 dollars per barrel. The reason for the price drop was the strengthening of the dollar, as well as data from the Energy Information Administration, according to which oil inventories rose by 7.3 million barrels compared with an expected reduction of 1.8 million barrels. Given the weak demand for oil and the imbalance between supply and demand on the market, quotations of oil, according to our estimates will continue to decline to $ 50 per barrel. Our medium-term outlook remains negative and we recommend holding short positions.