Oil prices rose more than $ 1, departing multi-year lows, which was due to new forecasts from the International Energy Agency. Today, in its monthly report the IEA said that this year the prices may recover. The agency downgraded the outlook for production from countries outside OPEC. "Where will the market bottom is anyone's guess. But the sale does not go unnoticed - said IEA. - Recovery of prices - in the absence of any major failures - can and is not inevitable, but growing signs that it is still going to happen" . "Rebalancing may begin in the second half of the year" - said the agency that advises the major industrialized countries in the field of energy policies.

However, while traders consider any recovery as temporary. Oil prices fell by nearly 60 percent over the past six months, and both the key brand of oil is currently trading below $ 50 a barrel as the supply of high quality light crude oil from the United States and Canada exceeded demand in a period of low global economic growth.

Recall, on the eve of the OPEC once again cut its forecast for demand for its oil in 2015 - from 28.9 to 28.8 million barrels a day, the lowest level in 12 years. This is 300 thousand. Barrels per day lower than the rate in 2014. Earlier in the week the largest banks Goldman Sachs and Societe Generale sharply worsened its oil price forecasts for the current year, and the US Department of Energy reported an increase in production in the country last week to the highest level since 1983.

"In the oil market is a big game and lose the one who blinks first. OPEC decades determined the direction of the market within the cartel, but it is obvious that this situation came to an end," - says chief strategist at CMC Markets Michael McCarthy.

Also add that the oil market has the situation on the currency market, where the euro yesterday showed the strongest in the history of the fall of the Swiss franc and reached a 11-year low against the dollar after the Bank of Switzerland to lift restrictions on the franc to the euro.

The cost of the February futures on US light crude oil WTI (Light Sweet Crude Oil) rose to 47.07 dollars per barrel on the New York Mercantile Exchange.

February futures price for North Sea Brent crude oil mix increased by $ 0.7 to $ 49.10 a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices rose sharply today, reaching a four-month high, and went to his largest weekly gain in the last 17 months (+ 4.5%). Investors sought safe "haven" of volatility after yesterday's unexpected decision to the Central Bank of Switzerland.

Recall SNB yesterday refused to support the objectives of the franc above 1.20 per euro, franc why in a short time rose by 30 percent. According to market participants, the central bank made this decision knowing about the intention of the European Central Bank to announce the beginning of buying up government bonds on January 22.

Meanwhile, today a member of the Board of the European Central Bank Benoit Ker said that to a possible program of quantitative easing, the ECB has worked, it has to be big. Ker also decided to repay poshedshie again talk of a Greek exit from the eurozone. "Any talk of a Greek exit from the eurozone unreasonable and unrealistic, - he said. - Its output is not discussed, and no one in Europe over this output does not work. So it is not discussed."

Precious metal more expensive despite the significant strengthening of the US dollar, which usually causes a backlash.

Had little impact as US data. Preliminary results presented Thomson-Reuters and the Institute of Michigan, showed that in January, US consumers are feeling more optimistic about the economy than last month.

According to published data, in January preliminary consumer sentiment index was 98.2 points compared with a final reading in December at the level of 93.6 points. It is worth noting that, according to the average expert estimates, the index should make 94.2 points. Also presented in the report the results of studies showed that the index of 5-year inflation expectations + 2.8% and the 12-month inflation expectations + 2.4%, preliminary expectations index 91.6, preliminary index of current conditions 108.3

It also became known that the stocks of the world's largest gold ETF-secured fund SPDR Gold Trust on Thursday rose 1.35 percent to 717.15 tons. At the same time, the demand for physical markets is reduced: the margin on the Shanghai Gold Exchange fell to $ 02.01 an ounce at $ 04.03 on Thursday.

The cost of the February gold futures on the COMEX today rose to 1273.50 dollars per ounce.

Brent crude and West Texas Intermediate extended gains. Brent Crude added +2.80%, currently trading at USD49.62 a barrel. West Texas Intermediate rose by +2.18% currently quoted at USD47.26 as the International Energy Agency cut forecasts for supplies outside the OPEC by 350,000 barrels a day, the first cut since July and stated that prices could rise as the slow-down in output will rebalance prices. The Agency added that prices may fall further before they recover but a reversal in the trend is possible this year.

The global glut continues in 2015 and a low global demand weighs amid record output from U.S. shale drillers - U.S. crude production increased by 60,000 barrels a day last week according to the EIA and stockpiles expanded. Both major brands lost more than 50% of their value since mid-2014 but the OPEC, responsible for 40% of worldwide oil-production, decided to leave output-rates unchanged around 30 million barrels a day and repeatedly reaffirmed not to change policy in the fight for market share. Record Russian output not seen since the end of the Soviet Union further adds to the downward pressure on oil prices.

Gold prices declined today from a four-month high hit yesterday as market participants take profits. The precious metal rose sharply yesterday as the SNB decided to discontinue the minimum exchange rate of 1.20 per euro and lowered interest rates more into negative territory to -0.75 in a surprise move. Although retreating from highs gold remains supported by mixed U.S. economic reports but a broadly strong dollar weighs as it makes gold more expensive for holders of other currencies.

Gold prices rose nearly 6 percent this month, after declining for two consecutive years, but the forecast for the current year remains uncertain.

Today investors look ahead to data on CPI, Industrial Production, Capacity Utilization and the Reuters/Michigan Consumer Sentiment Index to get a better picture on the economic outlook of the U.S. and when the FED will raise benchmark interest rates. It is worth emphasizing, lower interest rates positive effect on gold, because it lowers the relative cost containment metal that guarantees investors a profit.

The precious metal is currently quoted at USD1,257.70, -0,11% a troy ounce.

REUTERS

Brent crude oil holds above $48, few analysts see quick recovery

(Reuters) - Brent crude oil futures edged higher on Friday, holding above $48 a barrel as analysts said prices were well supported around current levels, although few expect a strong rebound anytime soon as global output continues to outweigh demand.

Benchmark Brent crude futures were trading at $48.38 per barrel at 0802 GMT, up 11 cents since their last settlement. U.S. crude was trading at $46.50 a barrel, up 25 cents.

"Our forecast seems to point towards a consolidation stage in the weeks to come," Phillip Futures said in a note. "Therefore, we expect crude prices to trade range bound between $44.75-$50.69 for WTI Mar'15 and $46.4-52.89 for Brent Mar'15."

Source: http://www.reuters.com/article/2015/01/16/us-markets-oil-idUSKBN0KP06L20150116

BLOOMBERG

SNB Officials Eating Words Risk Lasting Investor Aches

Brace for $40-a-barrel oil.

Switzerland's central bank officials have just eaten their words, risking lingering indigestion in financial markets.

Just three days after SNB Vice President Jean-Pierre Danthine called the franc cap a "pillar" of monetary policy, the SNB yesterday dropped the minimum exchange rate of 1.20 per euro.

The shock abandonment of the SNB's primary policy of the past three years may now leave investors warier of taking officials' words at face value, according to economists including Karsten Junius, chief economist at Bank J. Safra Sarasin AG in Zurich. By scrapping one tool, the franc cap, SNB President Thomas Jordan risks blunting the effects of another.

Source: http://www.bloomberg.com/news/2015-01-15/snb-officials-eating-words-risk-long-lasting-market-indigestion.html

BLOOMBERG

Gold Heads for Second Weekly Advance as Swiss Shock Boosts SPDR

Gold traded near a four-month high, set for a second weekly gain, on haven demand after Switzerlands's unexpected currency move. Assets in the largest exchange-traded product expanded the most since 2011.

Bullion for immediate delivery was at $1,259.29 an ounce at 3:37 p.m. in Singapore from $1,262.75 a day earlier, when prices jumped 2.8 percent for the biggest increase this year, according to Bloomberg generic pricing. The metal rallied on Jan. 15 to $1,266.85, the highest since Sept. 8, as the SNB ended the franc's cap versus the euro. Gold traded at its most expensive relative to platinum since April 2013.

Gold rose 3 percent this week, extending a 2.9 percent increase a week earlier, as the Swiss bank's move roiled currency and equity markets. That spurred demand for the bullion as a haven as investors returned to ETPs, according to Australia & New Zealand Banking Group Ltd. The SNB's decision comes a week before European Central Bank policy makers meet on Jan. 22 to discuss introducing new stimulus amid concern Greece may exit the currency bloc after a Jan. 25 election.

Source: http://www.bloomberg.com/news/2015-01-16/gold-set-for-biggest-weekly-climb-in-10-months-after-swiss-shock.html

(raw materials / closing price /% change)

Light Crude 46.09 -0.35%

Gold 1,263.70 -0.09%