The price of oil has increased significantly today after the largest decline over the past two months after Iran said it would refuse to enter into an agreement, if not sanctions are lifted.

Today, Iranian President Hassan Rouhani said Iran will agree to enter into an agreement on its nuclear program, provided that immediately after signing the document sanctions against the country are lifted. According to Rouhani, all economic sanctions should be lifted immediately - after the signing of a definitive agreement. We are talking about economic sanctions against Iran over its nuclear program.

Also, market participants continue to analyze yesterday's data on oil reserves in the United States. Recall the week 28 March to 3 April oil reserves increased by 10.9 million barrels to 482.4 million barrels, while experts waited for an increase of 3.4 million barrels. The report also reported that weekly growth of oil reserves was the most significant since March 2001. "Total oil reserves in the US are much higher than the five-year maximum weekly reaching new records," - analysts said Societe Generale. According to their data, storage in Cushing capacity of 70.1 million. Barrels filled to 85%.

Rising prices may also be associated with profit-taking on the part of participants, covering short positions. Private investors have also increased the activity of making purchases after prices fall. They are counting on a large-scale recovery in the market, brokers say.

Little impact also had reports that the company UK Oil and Gas Investments found near London deposit with significant oil reserves. According to the company, the estimated oil reserves at the field may be around 100 billion barrels - 158 million barrels per square mile. But can be removed only a small fraction. According to executive director UKOG Steve Sanderson, "is perhaps the most significant discovery" from taking place in the last 30 years on land and in the UK "is of great national importance."

May futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 50.90 dollars per barrel on the New York Mercantile Exchange.

May futures price for North Sea petroleum mix of Brent increased by $ 0.82 to 56.90 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices declined moderately today, entrenched below $ 1200, as investors continued to analyze the minutes of the meeting of the Fed. Also, the pressure on the precious metal has a strengthening of the US dollar after a report on the labor market. Recall protocols Fed meeting on March 17-18 showed that Fed officials at its last meeting were divided in their opinions as to whether they are ready to begin June to raise short-term interest rates. While some managers think that June would be a good time to raise interest rates, while others believed that the decline in energy prices and a stronger US dollar will put pressure on inflation and would justify the preservation rates near zero, where they are from December 2008. At that meeting, the Fed has withdrawn from his statements assurance that it will exercise patience before you raise the stakes. This immediately opened the door for a rate hike in June. Minutes showed that opinions on this subject really razdelilis..Napomnim delay in raising interest rates tend to contribute to the demand for gold, as it reduces the relative cost containment metal, guaranteeing investors a higher profit.

As for the data, the Labor Department said today: the number of Americans filing first time applications for unemployment benefits rose last week but remained at historically low levels, which is consistent with the growth in jobs. Initial claims for unemployment benefits rose by 14,000 and reached a seasonally adjusted 281,000 in the week ended April 4. Economists expected 271,000 initial claims. The data for the previous week were revised up to 267,000 from an initial assessment of 268,000, which corresponds to a 15-year minimum. Moving average of four weeks for applications that aligns weekly volatility, fell by 3,000 to 282,250 last week. This was the lowest level since June 2000. The number of repeated requests for unemployment benefits fell by 23,000 to 2,300,000 in the week ended March 28, the lowest level since December 2000. Continuing claims are presented with one week delay.

Meanwhile, analysts note that the decline in prices could be temporary. "The current decline in gold prices may be just a technical correction. Today, the price may drop to $ 1,190, but I expect that it would again exceed $ 1,200 in the coming weeks," - said the expert Phillip Futures Howie Lee.

As for the situation in the physical market, the demand for gold in China is low, and its price on the Shanghai Gold Exchange for about $ 1 per ounce higher than the reference spot price.

May futures for gold on the COMEX today fell to 1195.30 dollars per ounce.

Oil is trading higher today after yesterday's slump caused by higher U.S. stockpiles and news that Saudi Arabia increased oil production. Data provided yesterday by US Department of Energy showed that during the week from 28 March to 3 April oil reserves increased by 10.9 million barrels to 482.4 million barrels, while experts waited for an increase of 3.4 million barrels. The report also reported that weekly growth of commercial oil reserves was the most significant since March 2001. Meanwhile, the oil terminal in Cushing rose by 1.2 million barrels to 60.2 million barrels, the highest since April 2004.

Today Bijan Zanganeh, Iran's oil minister, said that the OPEC is going to "coordinate itself" when Iran will resume oil exports after the embargo is lifted. Before the sanctions were imposed Iran was the second largest exporter of oil in the OPEC and may increase its output drastically.

Brent Crude added -+2.66% currently trading at USD57.03 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate gained +2.52% currently quoted at USD51.69.

Gold is trading lower today, falling back under the the USD 1,200 level, retreating for the fourth day in a row. Yesterday the minutes of the last FOMC meeting were published. The minutes show that the board is divided on whether to hike interest rates in June or not. As a consequence of the weaker-than-expected GDP growth and disappointing labour market data a potential interest rate hike might be delayed till September. Speculations for a midyear rate hike by the FED - despite weaker economic data coming from the U.S. - weighed on the precious metal.

A stronger US dollar is putting pressure on gold, as it reduces the metal's appeal as an alternative asset and makes dollar-denominated commodities more expensive for holders of other currencies.

Gold is currently quoted at USD1,197.10 -0,47% a troy ounce, still slightly above the USD1,200 level. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday the 17th of march gold traded as low as USD1,142.50, a three-month low.

(raw materials / closing price /% change)

Oil 50.42 -6.60%

Gold 1,202.60 -0.04%