Oil prices fell nearly 3 percent, came under pressure after the release of the US petroleum inventory report, which did not meet the expectations of experts. Another factor was the strengthening of the dynamics of today's US currency.

US Department of Energy reported that crude oil inventories rose week of March 12-18 by 9.4 million barrels to 532.5 million barrels, a new record high for this time of year. Analysts had expected an increase to 3.5 mln. Barrels. Oil reserves in Cushing terminal fell by 1.3 million barrels to 66.2 million barrels. Gasoline inventories fell by 4.6 million barrels to 245.1 million barrels. Analysts had expected inventories to fall by 2 million barrels. Distillate stocks rose by 917,000 barrels to 162.3 million barrels. Analysts had forecast a drop in stocks at 800,000 barrels. The utilization of refining capacity fell by 0.6% to 88.4%. Analysts have suggested that the rate will fall to 0.1%. Meanwhile, oil production in the US in the week of March 12-18, dropped to 9.038 million. Barrels per day versus 9.068 million. Barrels per day from the previous week. Experts note that the decline in production rates are high enough, and if this trend continues over the next 1-2 weeks figure could fall below 9 million. Barrels per day. Also recall that yesterday the American Petroleum Institute reported that US crude inventories rose by 8.8 mln. Barrels last week, reaching 531.8 million. Analysts expected an increase of 5.7 mln. Barrels. "The latest data confirm that the experts who hoped to tighten conditions on the oil market, still can only hope for it," - said the IAF Advisors.

"Gasoline demand remains significantly stronger than expected," - said Jim Ritterbusch, head of consulting firm in the energy sector. He added that the decline in oil prices is constrained to continue the conversation about the level of extraction freezing.

Also today, a member of the leadership of the International Energy Agency said that the agreement between some of the oil-producing countries, OPEC and Russia to freeze production may not make sense, since the Saudi Arabia - the only country with the ability to increase production. Recall, Qatar invited all 13 members of OPEC and the oil producing countries outside the cartel to take part in the meeting in Doha on 17 April to discuss the possibility of freezing oil. According to the IEA forecast, the gap between demand and supply of oil will decrease later in the year, which will create conditions for the recovery of oil prices in 2017.

WTI for delivery in May fell to $40.13 a barrel. Brent for April fell to $40.63 a barrel.

Futures Price of gold dropped significantly today, reaching the lowest level since February 26, helped by the strengthening of the US dollar and comments from the Fed, which suggest that the Central Bank may soon raise key interest rates.

The head of the Federal Reserve Bank of St. Louis Bullard said that the possible arguments in favor of a rate hike in April. "Question rate hike at the April meeting is not removed from the agenda at the same time is unreasonable to raise rates if inflation expectations will subside." - He added. Recall, Scatter the Fed indicates that the end of the year maybe two rate hikes. However, Bullard said that the regulator does not enter into commitments in this regard, and should respond to the economic data from meeting to meeting. Earlier the head of the Federal Reserve Bank of Philadelphia, Patrick Harker said that the Fed should consider the possibility of another rate rise next month. In turn, the president of the Federal Reserve Bank of Chicago Charles Evans said that waiting for two more rate increase this year. Higher interest rates will boost the dollar and make gold more expensive for investors who hold other currencies, which pushes the price down. Since the beginning of 2016 the price of gold rose 15%, reflecting the increase in demand for safe assets due to the instability in the financial markets ,.

"Comments from the Fed contributed to the decline in gold prices, but they are unlikely to block the long-term mood, promote the growth of prices", - said Georgette Belle of ABN Amro. Meanwhile, CitiFX noted that the closure of the day below $ 1225 would mean a move to $ 1191 in the short term, and possibly less for a more distant time.

A small impact on share prices also helped by US data. The Commerce Department reported that sales of new buildings were restored in February, became another sign of continuing, albeit restrained, the momentum in the housing market. Sales of new buildings reached a seasonally adjusted annual rate of 512 000. This was the highest since December and was slightly above economists' consensus forecast of 510 000. The February figure was 2% higher than in January, but 6.1% lower than a year ago. But the rate in February 2015 was unusual; 501,000 new homes sold during the year have been reported. January data, which originally reported (494,000) have been revised to 502 000. The median sale price was $ 301,400, which is 6.2% higher compared to January.

April futures price of gold on COMEX today fell to $ 1222.40 per ounce.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories rose by 9.36 million barrels to 532.5 million in the week to March 18.

Analysts had expected U.S. crude oil inventories to rise by 3.5 million barrels.

Gasoline inventories decreased by 4.6 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, declined by 1.3 million barrels.

U.S. crude oil imports increased by 691,000 barrels per day.

Refineries in the U.S. were running at 88.4% of capacity, down from 89.0% the previous week.

(raw materials / closing price /% change)

Oil 41.28 -0.41%

Gold 1,248.40 -0.02%