Oil prices fell sharply, by updating the two-month minimum, but soon returned and moved into positive territory. The reason for such fluctuations were mixed data on US petroleum inventories.

US Department of Energy reported that crude oil inventories fell more than expected, but gasoline inventories unexpectedly rose. According to the report, during the week of 9-15 July crude oil inventories fell by 2.3 million barrels to 519.4 million barrels, while remaining at high levels by historical standards Analysts had forecast a decline of 2.1 million barrels. Oil reserves in Cushing terminal rose 189 000 barrels to 64.1 million barrels. Gasoline stocks rose by 911,000 barrels to 241 million barrels, while analysts had expected a decrease of 100,000 barrels. Distillate stocks fell by 214,000 barrels to 152.8 million barrels. Analysts had expected inventories to increase by 700,000 barrels. The utilization of refining capacity rose by 0.9% to 93.2%, exceeding analysts' estimates (+ 0.2%). At the same time, oil production in the US rose to 8.494 million barrels per day versus 8.485 million barrels per day in the previous week. Experts say the report is consistent with the latest data from the API report yesterday. Recall, US crude stocks fell by 2.3 million., To 520.9 million barrels. The median forecast assumed a reduction of 2.1 million barrels.

Recently, Barclays analysts noted that Brent prices may reach $ 85 per barrel by 2019, one year earlier than previously expected. In 2017, the bank's experts forecast the average price for a barrel of Brent at $ 57, in 2018 - $ 77.

The cost of the September futures on US light crude oil WTI rose to 45.76 dollars per barrel.

September futures price for Brent crude rose to 47.08 dollars a barrel on the London Stock Exchange ICE Futures Europe.

The value of gold dropped today, reaching its lowest level in three weeks, which was due to increased risk appetite and strengthening of the dollar against a basket of major currencies.

Precious metals are also under pressure against the background of the increased likelihood of the Fed raising interest rates after the publication of strong US data. This is unlikely to happen at the July meeting of the central bank, but closer to the end of the year. Currently, the market players assess the chances of a rate hike at 42% in December. Increase in interest rates by the Fed this year, putting pressure on the precious metal, competing with higher-yielding assets in the period of growth rate.

"After the release of positive US data, investors revised their estimates on Fed rate increase. In addition, some speculators preferred to take profits after a good rally in early July.", - said Commerzbank analyst Daniel Briesemann. It is worth emphasizing thay since the beginning of this year, gold rose in price by about 25 percent.

International Monetary Fund, however, has reduced its global growth forecasts for the next two years, citing the uncertainty regarding Brexit.

Investors are also waiting for the outcome of the ECB meeting to be held tomorrow. Economists say that the ECB is likely to refrain from further easing, but it can make changes to the bond buying program by expanding the list of assets available for the acquisition.

The cost of the August gold futures on the COMEX trading at $ 1317.70 per ounce.

U.S. crude oil refinery inputs averaged about 16.9 million barrels per day during the week ending July 15, 2016, 319,000 barrels per day more than the previous week's average. Refineries operated at 93.2% of their operable capacity last week. Gasoline production decreased last week, averaging just about 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged over 8.1 million barrels per day last week, up by 293,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.0 million barrels per day, 5.9% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 897,000 barrels per day. Distillate fuel imports averaged 190,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.3 million barrels from the previous week. At 519.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories increased by 0.9 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 0.2 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories rose 0.1 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories increased by 2.6 million barrels last week.

This morning, the New York futures for WTI trading flat and crude oil futures for Brent rose by + 0.13% to $ 46.72 per barrel. Thus, the black gold is trading slightly up on the background of official data on US oil inventories. American Petroleum Institute data showed that the reserves of black gold in the US fell by 2.3 million barrels to 520.9 million over the week. Energy Information Administration to publish official data on stocks later today. China Statistical Office reported that the production of gasoline in China has grown by 8.7% in June, while year on year to 11 million tons, which is yet another sign of saturation of petroleum products market.

(raw materials / closing price /% change)

Oil 44.57 -0.18%

Gold 1,332.30 +0.02%