Oil prices have fallen by about 2 percent after data pointed to an increase of oil reserves in Cushing terminal, and Iraq reported an increase in the volume of oil exports.

Genscape company reported today that for the week (Wednesday) oil reserves in Cushing terminal rose 255,804 barrels. Increased reserves were recorded, despite the fact that TransCanada Corp, Saturday does not use the Keystone pipeline, which passes the oil in Cushing and Illinois. Earlier Genscape stated that within five days (Tuesday) in Cushing inventories fell by 481,485, apparently due to the closure of Keystone on the background of a potential leak. But it was not enough to offset the total inflow for the week. "I believe that investors had expected even more of an impact from the closure of Keystone", - said a trader.

The increase in Iraqi oil exports also highlighted the global overproduction, despite yesterday's positive report to the US government, which has allowed oil prices to grow by almost 5 percent. Today's state-owned South Oil announced that oil exports from Iraq's southern ports rose to 3.494 million barrels a day in April from 3.286 million barrels a day in March. "We continue to enjoy yesterday's data from the US Department of Energy, but it is clear that the problem of excess supply and inventory record is maintained," - said economist at ABN Amro.

Pressure on the quotes also provides reduction of the probability of reaching an agreement to limit production growth. Over the past two months, oil prices rose on hopes for an agreement leading oil-producing countries to restrict oil production. A number of key countries, is expected to hold a meeting in Doha on 17 April to discuss the plan.

However, there are doubts about the participation in the meeting, Saudi Arabia and Iran. Against this background, the economists point out that an agreement on the freezing of production in the best case would be inappropriate and does not affect the offer prospects

WTI for delivery in May fell to $37.57 a barrel. Brent for May fell to $39.63 a barrel.

Gold prices jumped nearly 1.5 percent, reaching a peak on March 30 as the dollar remains under pressure amid uncertain prospects improve Fed. Support prices are also a fall in global stock markets, increasing investor appetite for safer assets.

Minutes of the Fed's March meeting showed that policymakers were discussing the issue of increasing interest rates in April, but there was consensus that the risks associated with the global economic downturn, justify a more cautious approach. The politician said that the forecast two rate increases in 2016, but the timing is still not definite. Meanwhile, today the head of the Federal Reserve Bank of Dallas, Robert Kaplan said that the Fed should be patient and careful when raising interest rates, but nevertheless steadily increase them. Recall, higher interest rates have a downward pressure on the price of gold, which brings its holders to interest income and that is difficult to compete with the assets, bringing that income against the background of increasing interest rates.

"Yesterday's Fed meeting minutes and the weakness of the dollar created an environment that gives an additional impetus to gold and attracted some pent-up demand", - said a senior manager Ole Hansen, Saxo Bank. - The nearest resistance is located at $ 1,244, but a break above $ 1255 could offer to achieve a new high in the market. "

In the future, the risks associated with the global economy, and the Fed's stance could lead to further price increases. "We maintain our positive outlook for gold is not the most favorable assessment of the world economy from the IMF and increased uncertainty may spur the gold rally." - Said the analyst FXTM Luqman Otunuga.

Little influence is also exerted on the US data. The Labor Department reported that the number of Americans who first applied for unemployment benefits fell more than expected last week, suggesting that the labor market continued to strengthen, despite the restrained economic growth. Primary treatment decreased by 9,000 and a seasonally adjusted amounted to 267,000 for the week ending April 2nd. The data for the previous week were not revised. Economists forecast that initial applications fall to 270,000 last week. The number of applications for unemployment benefits now remain below 300,000, the threshold level of health-related conditions in the labor market for 57 weeks, the longest period since 1973. Strengthening labor market attracts discouraged and new job seekers, which is likely to continue to moderate growth of wages and allow the Fed to maintain its policy of gradually raising interest rates.

In addition, it became known that the gold reserves in the largest investment fund SPDR Gold Trust rose yesterday by 0.51% to 819.60 tons, registering the first inflow of nearly two weeks.

April futures price of gold on COMEX today rose to $ 1240.5 per ounce.

According to data released by the People's Bank of China (PBoC) on Thursday, China's foreign-exchange reserves increased by $10.26 billion to $3.21 trillion in March, after a drop by $28.57 billion in February. It was the first rise in five months.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending April 02 in the U.S. decreased by 9,000 to 267,000 from 276,000 in the previous week. Analysts had expected jobless claims to decline to 270,000.

Jobless claims remained below 300,000 the 57th straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims increased by 19,000 to 2,191,000 in the week ended March 26.

The Fed released its March monetary policy meeting minutes on Wednesday. The Fed kept its interest rate unchanged in March. Fed officials noted the Fed should be cautious in rising its interest rate further.

"Several members expressed the view that a cautious approach to raising rates would be prudent or noted their concern that raising the target range as soon as April would signal a sense of urgency they did not think appropriate," the minutes said.

According to the minutes, global economic and financial developments posed risks to the U.S. economy.

"A number of participants judged that the headwinds restraining growth and holding down the neutral rate of interest were likely to subside only slowly," the minutes said.

Two Fed officials wanted to hike interest rate in March. The Fed did not identify one official. The other official was Kansas City Fed President Esther George. She wanted a 25 basis point increase.

(raw materials / closing price /% change)

Oil 37.73 -0.05%

Gold 1,224.00 +0.02%