The cost of oil futures fell nearly percent, as investors focus again shifted to the excess of world supply of oil.

On Sunday, Iran's deputy oil minister Rukneddin Javadi said Iran does not intend to freeze the oil, as the country does not increase the export of oil to dosanktsionnogo level until the second half of the year. "Iran exports oil to reach 2.2 million barrels a day by mid-summer before oil exports reached this indicator before the sanctions against the country for more than four years ago, have been introduced -. Javadi said -. The Government has no plans at the moment to freeze or interrupt the growth of oil production and exports. " In April, Javadi said that oil exports will reach 2 million barrels per day within the next month, and dosanktsionny country level will be released in June. Experts note that comments Javadi reduce the likelihood of coordination of frozen oil production by OPEC at a meeting of the group, which will be held in Vienna on 2 June.

Pressure on the quotes also have Friday's data from Baker Hughes, showing that for the first time this year, the number of oil rigs in the United States has not changed. The Baker Hughes reported that the total number of drilling rigs in the United States by the end of the working week was reduced by 2 units which ended May 20, up to 404 units. In annual terms, a decline of 481 units or 54.4%. The number of oil rigs in the past week remained at a level of 318 units. The number of gas-producing plants has decreased by two units, or 2.3%, amounting to 85 pieces.

Latest news outweighed fears of unplanned supply disruptions of oil worldwide. Since production is recovering, especially in Nigeria and Canada, experts expect a decline in prices in the next few weeks.

Meanwhile, today Goldman Sachs analysts raised the forecast of oil prices for the current year, but decreased - in 2017. The Bank expects that the average WTI crude price in 2016 will be $ 45 per barrel as compared to the previously forecasted $ 38 per barrel next year - $ 53 per barrel compared to $ 58 per barrel. at 2018 rank remains unchanged - $ 60 per barrel. The forecast for Brent crude oil for the year increased to $ 45 per barrel to $ 39 per barrel, and the next year - reduced to $ 55 per barrel to $ 60 per barrel. The long-term rating has been maintained at $ 53-63 per barrel in the background of productivity growth in the US shale industry and increasing the supply of OPEC.

WTI for delivery in July fell to $48.18 a barrel. Brent for July fell to $48.07 a barrel.

Gold prices declined moderately by updating the 3.5-week low. Pressure on prices has had a stronger dollar and increasing the likelihood that the Fed will raise interest rates in June.

Precious metals began to fall in price after the Fed last week published the minutes of its April meeting, which showed that the US economy may be ready to increase interest rates next month. Recall, higher interest rates have a downward pressure on the price of gold, which brings its holders to interest income and that is difficult to compete with the assets, bringing that income against the background of increasing interest rates. Since the beginning of the year gold has risen in price by almost 18% due to the reduction of the dollar, an increase in demand for safe-haven assets and the Fed signals that interest rates this year will be increased gradually.

"Minutes of the Fed meeting were clearly more hawkish than expected, and this has led to some changes in the mood now increased the likelihood that the Fed will raise interest rates in June or July.", - Says the analyst of ABN Amro Georgette Boele. Meanwhile, today the president of the Federal Reserve Bank of St. Louis James Bullard said he sees more factors in favor of the slow rate hikes, which in favor of the absence of further tightening of monetary policy. Meanwhile, the president of the Federal Reserve Bank of San Francisco John Williams said he expects two or three short-term increases in interest rates by the central bank this year. Williams added that rate hikes will depend on the exact timing of the data. Today futures on interest rates Fed indicate that the probability of a rate hike in June is 26% versus 4% at the beginning of last week. In addition, traders increased the estimate of the probability of a July rate hike to 53%

"Despite the fact that most traders do not believe the Fed will raise rates in June, investors are trying to reduce risks from open positions in anticipation of the next meeting", - said analyst Bob Haberkorn RJO Futures.

In addition, it became known that the gold reserves in the largest gold ETF-fund SPDR Gold Trust rose on Friday to 1 percent, to 869.26 tonnes, the highest level since November 2013.

The cost of the June gold futures on the COMEX fell to $ 1248.8 per ounce.

Iran's Deputy Oil Minister Rokneddin Javadi said on Sunday that the country was not ready to freeze its oil output as it has not reached pre-sanctions levels. He noted that Iran's crude oil exports, excluding gas condensates, reached 2 million barrels a day, adding that the country's crude oil export capacity was expected to reach 2.2 million barrels a day by the middle of summer.

The oil driller Baker Hughes reported on Friday that the number of active U.S. oil rigs remained unchanged at 318 last week.

The number of gas rigs declined by 2 to 85.

Combined oil and gas rigs decreased by 2 to 404.

(raw materials / closing price /% change)

Oil 48.48 +0.14%

Gold 1,252.90 0.00%