Oil prices show a slight decline, as the market has concerns about global oversupply. Investors also continue to analyze yesterday's data on US petroleum inventories.

Recall, the US Department of Energy announced that crude oil inventories fell more than expected, but gasoline inventories unexpectedly rose. In the week 9-15 July oil stocks fell by 2.3 million barrels to 519.4 million barrels. Analysts had forecast a decline of 2.1 million barrels. Gasoline stocks rose by 911,000 barrels to 241 million barrels, while analysts had expected a decrease of 100,000 barrels. The utilization of refining capacity rose by 0.9% to 93.2%, exceeding the estimate (+ 0.2%). US domestic oil production rose to 8.494 million barrels per day versus 8.485 million barrels per day in the previous week. In addition, the total amount of oil is still at historic highs.

"The growing petroleum stocks worsened the already gloomy forecasts on demand for WTI for the first half of the year. The glut of the fuel market threatens to weaken demand for crude oil. The three major North Asian economies (South Korea, China, Japan) also show signs that their domestic markets are oversaturated with fuel, "- noted analysts at BMI Research.

Meanwhile, Bank of America Merrill Lynch forecast that Brent crude oil in 2017 could grow by up to $ 70 per barrel due to the growth of consumption in China. According to experts, the average price of oil by the end of 2017 will amount to $ 61 per barrel and at the end of 2018 - $ 70 per barrel.

The cost of the September futures on US light crude oil WTI fell to 45.23 dollars per barrel.

September futures price for North Sea petroleum mix of mark Brent fell to 46.62 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold has risen in price moderately, retreating from a three-week low. Support for precious metals gave the ECB meeting results as well as changes in risk appetite.

ECB does not changed the parameters of monetary policy: the basic rate remained at a record low of 0% and the deposit rate at -0.4%. At the same time, the head of the Central Bank Draghi signaled in September, a possible further easing. In September, the ECB economists will present the new forecasts for growth and inflation, allowing a more clear asses of the probability of slowing down economic recovery. As for the impact of Brexit, he said that everything will depend on how long the negotiations will take place between the UK and the EU on the new conditions of interaction, as well as the results of these negotiations. . "It is too early to judge the impact of this risk," - Draghi said, adding that Brexit increased problems for the European economy, given the geopolitical uncertainties. Also he said that ECB is ready to use all available instruments in the framework of the mandate in the case of lower probability of achieving the inflation target of about 2% over the coming years.

A further increase in gold prices holds back the strengthening of the US currency on the back of positive housing data. The National Association of Realtors said that home sales in the secondary market increased by 1.1 percent and reached a seasonally adjusted annual rate of 5.57 million in June from a revised level of 5.51 in May. Sales are currently up 3.0 percent from June 2015 and remain at the highest annual rate since February 2007 (5.79 million.). Experts point out that recently presented statistics on the US increases the likelihood of the Fed raising interest rates. 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 of 43% in December.

This morning, New York crude oil futures WTI rose by + 0.35% $ 45.91 and crude oil futures for Brent rose by + 0.36% to $ 47.34 per barrel. Thus, the black gold is trading in positive territory, amid the release of data from the US Energy Information Administration which showed a cut in oil reserves the ninth week in a row, but surprised on growth in gasoline inventories. US crude stocks fell for the week by 2.34 million barrels, while inventories remained at 519.5 million barrels. But gasoline inventories rose 0.91 million barrels, while analysts had expected gasoline stocks to remain unchanged.

(raw materials / closing price /% change)

Oil 47,16 +1.00%

Gold 1,315.80 -0.27%