The price of gold continued to decline against the strengthening of the US dollar, as well as the general negative sentiment on gold due to the recent increase in interest rates and the expectation of the Fed raising interest rates four times during 2016. The number of open short positions on the COMEX is close to a record high, and we can see the continuation of the decline to the psychologically important level of $ 1,000 per troy ounce. It should be noted that support for the gold may be a reduction on the stock markets which will increase the demand for defensive assets. Our medium-term outlook for gold remains negative.
The price of Light Sweet crude oil continued to decline against the backdrop of statements by Saudi Arabia's intention to maintain a policy of unlimited level of oil production in the country. In November, production in the country was 10.13 million barrels per day against 9.58 million barrels per day in November 2014. In addition, negative for the market has become the data on oil inventories in the United States, which increased by 2.6 million barrels compared with an expected drop of 1.8 million barrels per day. Our medium-term outlook remains negative and we are waiting for reducing oil in January in connection with the expected growth of imbalance of supply and demand after the lifting of sanctions against Iran.