Oil prices fell nearly 2 percent, retreating from a three-month high. Pressure on the quotation continues to have a global surplus of crude oil as well as the gradual preparation of the US oil refining factories to close for maintenance.

In addition, another factor reducing prices are messages from Reuters. The agency said that the meeting of oil producers in Moscow on March 20 to discuss the agreement on the freezing of production can not take place because of the unwillingness of Iran to join the initiative.

According to representatives of some exporters, they fear another oil prices weakening, if gathered too early and can not come to an agreement. On the representative of OPEC said last week that the oil-producing countries of the Persian Gulf would prefer to meet in the first half of April. In February, Russia, Saudi Arabia, Venezuela and Qatar have agreed to freeze production of oil at the January level, subject to adherence to the agreement of the other major exporters.

"In fact, one might expect that the prices will start to move away from recent highs, as the season begins the closing of refineries for maintenance, - said Virendra Chauhan, Energy Aspects analyst -. We expect the weakness in the physical oil market, as demand from refineries reduced "World demand for crude oil is usually reduced when refineries are moving to a seasonal spring maintenance in anticipation of peak summer demand.

Yesterday, oil prices rose by 5 per cent after the report pointed to a drop in gasoline stocks in the US, offsetting the increase in stocks of petroleum products.

Analysts warn that the world market oil supply still exceeds demand due to the boom in US shale oil production after the OPEC decision taken not to cut production in order to protect their market share. Most experts expect the oversupply of oil will remain until 2017 or 2018. Only after 2020, oil prices may start to rise and reach $ 70 a barrel, analysts say.

WTI for delivery in April fell to $37.32 a barrel. Brent for April fell to $40.05 a barrel.

Gold prices jumped more than 1 percent on Thursday, which was caused by a significant decline in the dollar against the euro and other major currencies after ECB head Mario Draghi indicated that a further decline in interest rates in the euro zone is unlikely.

Earlier in the session the single currency and precious metals fell on news that the ECB will cut interest rates and expanded the bond purchase program in an attempt to boost economic growth and consumer inflation. Recall, the ECB cut its main refinancing rate to 0% to 0.05% and increased its quantitative easing program to 80 billion. Per month with 60 billion. Euro. Central Bank also cut rates on deposits of up to -0.4% to - 0.3%. Initially, this change led to a sharp drop in the euro, but the currency later recovered to a three-week high against the dollar after Draghi said he did not foresee the need to further reduce interest rates.

"Rates The decrease was seen as a prelude to further stimulation, but the fact that the current policy of negative interest rates reached the extent possible, provide support for the euro, and consequently gold, - said an analyst at Mitsubishi Jonathan Butler -. Attention is now switched to the Fed, which will hold a meeting next week. Now the futures market indicates that the increase in the interest rate the Fed can only take place in September. "

Gold rises in price this year amid expectations that the Fed will refrain from further rate hikes after the first in nearly a decade increase in December. Since the beginning of the year yellow metal rose in price by 20%, and has recently reached its highest level since February 2015.

In focus were also news that the gold reserves in the largest investment fund SPDR Gold Trust resumed an upward trend after a brief hiatus. On Wednesday, stocks increased by 2.1 tons since Tuesday was recorded outflows of 2.4 tons.

Little influenced by the US statistics. The Labor Department said the number of Americans who first applied for unemployment benefits fell more than expected last week, its lowest level since October, pointing to a steady force of the labor market. unemployment initial claims for benefits decreased by 18,000 and reached a seasonally adjusted 259,000 for the week ended March 5. This is the lowest level since mid-October. Applications for the previous week were revised to show 1,000 fewer applications received than previously reported.

April futures price of gold on COMEX today rose to $ 1264.60 per ounce.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending March 05 in the U.S. decreased by 18,000 to 259,000 from 277,000 in the previous week. It was the lowest reading since mid-October.

The previous week's figure was revised down from 278,000.

Analysts had expected jobless claims to decline to 275,000.

Jobless claims remained below 300,000 the 53rd straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims declined by 32,000 to 2,225,000 in the week ended February 27.

The U.S. Energy Information Administration (EIA) downgraded its global oil demand forecasts. Global oil demand is expected to be 95.02 million barrels per day (bpd) in 2016, down from its January estimate of 95.19 million bpd, and 96.48 million bpd in 2017, down from its January forecasts of 96.61 million bpd.

The Chinese National Bureau of Statistics released its consumer and producer price inflation data for China on Thursday. The Chinese consumer price index (CPI) rose at annual rate of 2.3% in February, exceeding expectations for a 1.9% increase, after a 1.8% gain in January. It was the biggest rise since July 2014.

Food prices rose at an annual rate of 7.3% in February, while non-food prices increased 1.0%.

On a monthly basis, consumer price inflation increased 1.6% in February, after a 0.5% rise in January.

The Chinese producer price index (PPI) dropped 4.9% in February, in line with expectations, after a 5.3% decline in January.

(raw materials / closing price /% change)

Oil 38.21 -0.21%

Gold 1,253.60 -0.30%