Oil prices have fallen by about 2%, and have come under pressure due to report on petroleum inventories in the United States, which did not meet forecasts.

US Department of Energy reported that in the week of June 11-17, oil inventories fell by 917,000 barrels to 530.6 million barrels. Forecasts shown a reduction of 1.67 million barrels. Oil reserves in Cushing terminal fell by 1.3 million barrels to 65.2 million barrels. Gasoline stocks unexpectedly rose by 627,000 barrels to 237.6 million barrels. Distillate stocks rose by 151,000 barrels to 152.3 million barrels. Analysts expected an increase in distilate stocks at 100,000 barrels. The utilization of refining capacity increased by 1.1% to 91.3%. Analysts expected an increase of 0.7%. Meanwhile, oil production fell to 8.677 million barrels per day versus 8.716 million barrels per day in the previous week.

The cost of the August futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 49.43 dollars per barrel.

The price of August futures for Brent fell to 49.90 dollars a barrel on the London Stock Exchange ICE Futures Europe.

So far today's range is just 5$/ounce but things will change for sure tomorrow because of the Brexit referendum. Gold will move regardless of the Brexit outcome because of its safe heaven status. A remain vote will lower the demand for safer assets while the big (enormous) move will come if UK votes to leave. Then, the majority of inverstors will turn to gold and the price will quickly go up.

This morning, New York crude oil futures WTI rose by + 0.90% to $ 50.31 per barrel. At the same time, crude oil futures for Brent rose by 0.71% to $ 51.00 per barrel. Thus, the black gold is gaining, amid the the reduction of commercial stocks in the US. Investors also expect a recovery of production in Nigeria and Canada. There is a high probability of decline in oil inventories in the US market, although the reserves are at record highs, and drilling volumes began to grow again.

According to the American Petroleum Institute, US crude stocks fell last week by 5.2 mln barrels.

Inventories at Cushing tank decreased by 1.3 mln barrels. Petrol decreased by 1.47 mln barrels as distillate stocks fell by 1.7 mln barrels.

The cost of Brent futures for August on the stock exchange ICE in London was $ 51.07 per barrel.

(raw materials / closing price /% change)

Oil 50.29 +0.88%

Gold 1,271.90 -0.05%