Oil prices are rising moderately, ending a four-day decline, as investors once again focused attention on the excess world supply of oil. Earlier today, oil became cheaper amid signs that Canada and Libya are improving delivery.

In the course of trading influence the publication of data on standby in the US petroleum inventories. Today released a report on the API, and tomorrow will publish the official data of Ministry of Energy of the United States. According to experts, a report from the Ministry of Energy show that in the week ended May 20, crude oil inventories fell by 2.5 million barrels to 538.8 million. Barrels. Recall that in recent weeks, stocks fell after reaching a record of more than 80-year highs.

Moderate pressure on oil have news from Iran. Today news agency, Iraqi Media Network with reference to the deputy minister of the oil industry Fayad al-informed him that Iraq increased its oil production to 4.7 million barrels per day and exports -. To a record 3.9 million barrels per day.. "Iran has increased its manufacturing, while Iran says to increase to 2.2 million barrels per day, OPEC would not limit production growth.", - Said CMC Markets analyst Michael Hewson.

Meanwhile, today, OPEC President Mohammed bin Saleh al-Sada said that the oil market is slowly recovering from a sharp drop in the past two years, but oil is still not trading at a fair price, which could encourage the necessary investments. Al-Sada said that the $ 65 per barrel - this is the minimum price, which is extremely necessary at the moment. Against the background of the situation of Al-Sada did not rule out the resumption of the debate on the freezing of oil production, despite the failure of negotiations in April. Recall OPEC meeting-exporting countries, including Iran, scheduled for June 2nd.

Market participants also drew attention to the updated forecasts of Citigroup. "Oil prices continue to rise until the end of the year. According to forecasts, the average price of Brent in the third quarter will be $ 50 and rise to $ 65 by the end of the year. In the middle of the year on the market supply and demand will be equal, and in the next 6 quarters of the world will face with oil deficit - said Citigroup analyst Ed Morse -. it is clear that the oil price just above $ 40 a barrel is too low to replenish the proven reserves and meet the growing demand "

WTI for delivery in July rose to $48.73 a barrel. Brent for July rose to $48.70 a barrel.

Gold has fallen in price by almost 1.5 per cent, reaching a four-week low, as the recent "hawkish" comments from the Federal Reserve sent the dollar to a two-month high against a basket of major currencies

The prospect of further interest rate rises, as signaled minutes of the last Fed meeting, and the strengthening of the dollar has fallen off the price of gold by more than 4 percent in May, which is the largest monthly decline since November 2015. 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.

Yesterday Philadelphia Fed President Patrick Harker said that this year, the Fed may raise interest rates two or three times, and the next increase is already possible at the June meeting. Two other presidents of the regional Federal Reserve banks yesterday also made similar comments. Today futures on interest rates Fed indicate that the probability of a rate hike in June is 30% versus 4% at the beginning of last week.

"The US dollar was on the rise and the gold is under pressure We have already overcome the level of $ 1250, which played a good support If the fall continues, the next target will be the psychological mark of $ 1,200..", - Said an analyst at Societe Generale Robin Bhar.

The pressure on gold also had positive data on the US housing market. The Commerce Department reported that in April, sales of new single-family homes rose to a maximum of more than eight years, and prices have reached record highs / According to the data, new home sales jumped 16.6 percent to a seasonally adjusted annual rate reached 619 000 units, the highest level since January 2008. The percentage increase was the largest since January 1992. Sales in March were revised up to 531,000 units from the previously reported 511,000 units. Economists had forecast that sales of new buildings, which accounted for about 10.2 percent of the housing market, reached only 523,000 units last month. The report came after a fairly upbeat data on housing sales in the secondary market and housing construction. He also added factors to the retail sales report and industrial production, suggesting that the economy is gaining momentum after growth almost stalled in the first quarter.

In addition, it became known that the gold reserves in the largest gold ETF-fund SPDR Gold Trust rose on Monday by 0.38 percent, to 872.52 tonnes

The cost of the June gold futures on the COMEX fell to $ 1235.3 per ounce.

The U.S. investment bank Goldman Sachs said on Monday that it expected oil price to be $50-$60 a barrel until 2020, due to improved shale oil productivity and higher supply from OPEC countries.

Earlier this month, the lender said that it expected Brent price to be $45 a barrel in 2016, up from an earlier forecast of $39, and WTI price of $45 per barrel in 2016, up from an earlier forecast of $38.

Goldman Sachs lowered its 2017 Brent price forecast to $55 a barrel, down from $60, and WTI price to $53, down from $58.

(raw materials / closing price /% change)

Oil 48.11 +0.06%

Gold 1,249.20 -0.18%