Kuwait's OPEC governor Nawal Al-Fuzaia said in a speech on Tuesday that she expected the oil market to balance in the second half of this year, driven by higher oil prices.

She also said that a deal on the freeze of the oil output between OPEC and non-OPEC countries will be reached at the meeting on April 17.

Reuters reported on Tuesday that according to two sources from Kuwait familiar with the issue, a deal on the freeze of the oil output between OPEC and non-OPEC countries will be reached at the meeting on April 17.

OPEC and non-OPEC countries plan to discuss the freeze of the oil output on April 17. Iran said last month that it was not ready to freeze its oil production until output of 4.0 million barrels a day was reached.

Quotes oil futures are rising gradually, but remain near month low. The pressure on prices have news about a sudden drop in gasoline demand in the US and doubts about the possibility of achieving production levels at freeze agreement.

Office of US Energy Information Administration reported that gasoline demand - one of the most important indicators that supports the consumption of oil - fell in January for the first time in 14 months. Analysts at BNP Paribas note, oil may continue to fall, as the appearance of gasoline glut could further increase the global oversupply of oil. In the 2nd quarter oil demand traditionally declines, as refinery maintenance season begins before the summer period.

Recall, the world's largest oil producers are due to meet in Doha on 17 April to discuss the production freeze, but given the increasing volume of oil production in Russia up to a maximum of 30 years, experts doubt that an agreement will be reached.

Iran, meanwhile, continues to increase the export of oil and says it will not participate in the production freeze. Today, Deputy Oil Minister Marzieh Shandala said that Iran does not plan to participate in the meeting in Doha. Meanwhile, a spokesman for Kuwait's OPEC Nawal al-Fuzaya said that oil-producing countries following the meeting in Doha may freeze oil production at the level of February. According to her, the oil producers may agree to freeze without the participation of Iran in the negotiations, because they have no other choice. Also, Nawal al-Fuzaya added that, according to its estimates, the average of Brent oil will be traded in the range $ 45- $ 60 per barrel in the second half of this year.

In the course of trade is also affected by the expectations of today's publication of data on US oil inventories from the American Petroleum Institute and tomorrow's report from the US Department of Energy. Analysts expect that the Ministry of Energy reported an increase in inventories by 3.3 million barrels last week.

WTI for delivery in May rose to $35.75 a barrel. Brent for May rose to $37.80 a barrel.

Gold prices rose significantly today, fixing the maximum increase for the week and peaking 31 March. Support for precious metals has increased demand for safe-haven assets due to the fall in world stock markets.

"If I look at the markets, I would say that there is some demand for safe-haven assets, - said an analyst at ABN Amro Georgette Boele -. Gold is now no reason to fall in price, people are looking for reasons for buying it, and now it is becoming cheaper stock" .

Since the beginning of the year gold has risen in price by almost 16 percent against the backdrop of the Fed's commitment to a gradual increase in the cost of borrowing. Fed Chairman Yellen said last week that caution is justified in terms of tightening policy. Recall, tomorrow the Fed will publish the minutes of its last meeting, which took place on 15-16 March. Analysts say that the protocol may provide a more complete picture of how the Fed plans to the next rate hike. The chances of a rate hike by December fell to 58 percent from 68 percent a month ago. However, yesterday the head of the Federal Reserve Bank of Boston Eric Rosengren said that the Fed's rate futures are not significantly reflect the pace of rate hikes in the short term. Rosengren sees fit gradual increase in rates, but, in his opinion, it will not be so gradual, according to market participants. "While the recent turmoil in financial markets are constraining factor for the Fed at higher rates, strong labor market and rising core inflation is likely to force the Fed to increase the rate at 0.25% until the end of the year", - stated in the Societe Generale.

The rise in gold prices also contributed to the statement of the head of the IMF Lagarde. She noted that skeptical about the pace of global economic growth, and considers necessary a more decisive action to implement structural reforms. "Recovery is too slow, remains too fragile, and the risks are growing", - explained Lagarde. According to her, over the past 6 months, the prospects for global growth have deteriorated, which was caused, including the weakening of the growth of China's economy and the fall in commodity prices.

Little influenced by the US statistics. The Markit noted that suppliers of services in the US signaled a moderate recovery in business activity growth and sustainable employment growth in March. The seasonally adjusted final index of business activity in the US services sector rose from to 51.3 in March, up from 49.7 in February and returned back above the 50.0 threshold. However, the final reading was the second lowest level since October 2013 and indicated only a small rise in output. Meanwhile, another report showed that the index of business activity in the US service sector, which is calculated by the Institute for Supply Management rose to 54.5 in March from 53.4 in the previous month. According to the forecast, the rate had to increase to 54.

April futures price of gold on COMEX today rose to $ 1228.1 per ounce.

(raw materials / closing price /% change)

Oil 35.46 -0.67%

Gold 1,217.00 -0.19%