Oil prices fell on Tuesday, breaking a two-day rally, as some market players took profits on the background of a major risk event approaching (no prizes for those who guess which one).

Volatility may damage the prices of risky assets, which includes oil.

The focus shifted to the oversupply. Nigerian militants and the authorities have agreed to a cease-fire for a period of 30 days. Soon, however, this information has been denied.

In addition, it was reported that oil exports of Saudi Arabia in April decreased by 1.3% to 7.44 million barrels per day compared to March (7.54 million bpd). This is the lowest rate in the last six months. Meanwhile, US companies are increasing shale drilling - by Baker Hughes, the number of drilling in the country increases the third consecutive week. But many analysts and traders who hold positive outlook, are suggesting that the number of drilling rigs are still 80% below the peak reached in late 2014.

Trading is also affected by expectations about the oil inventories in the US data to be released tomorrow. According to forecasts, for the week ending June 17, oil inventories fell by 1.4 million barrels.

The cost of the August futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 49.26 dollars per barrel.

The price of August futures for Brent fell to 49.92 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold is much cheaper today, which was associated with decreased risk appetite and expectations of UK remaining in the EU. The pressure on the precious metal also led to a strengthening of the US dollar.

In the last few weeks the price of gold has increased significantly amid concerns about the possible withdrawal of Britain from the EU. However, two public opinion poll published on Monday showed that the majority of Britons support the "remain" camp" although the third survey revealed that the number of Brexit voters have the majority.

The trading dynamics have also been influenced by the Federal Reserve Chairman Yellen's statements. "The FOMC will raise rates gradually, paying attention to both the current dynamics of the GDP, employment and consumer prices, and the prospects of macroeconomic indicators", - said Yellen. According to Yellen, the world economy is still vulnerable and a potential exit of Great Britain from the EU can have serious economic consequences not only for the country itself but also for the world, including the United States. "Brexit may have a significant adverse economic consequences," - she said.

Gold reserves, located in the reserves of the largest ETF fund SPDR GOLD Trust, rose on Monday by 0.10 percent, to 908.77 tonnes (the highest rate since September 2013).

The cost of the August gold futures on the COMEX fell to $ 1273.3 per ounce.

This morning, New York crude oil futures for WTI fell by 0.68% to $ 50.21 per barrel. At the same time, Brent oil futures were down 0.89% to $ 50.20 per barrel. Thus, the black gold is trading to the downside, amid growing expectations of Britain's remain in the European Union on the results of the referendum on 23 June. Shale oil producers are considering increasing production, a lot longer than was expected from Saudis and OPEC.

(raw materials / closing price /% change)

Oil 49.16 -0.43%

Gold 1,292.00 -0.01%