The cost of oil futures fell slightly, stepping back from seven-month highs as investors took profits and weighed the prospects of oil production due to the price increase in the area of ​​$ 50 per barrel. Pressure on the quotes is also providing US dollar strengthening. However, disruptions in oil supplies from various regions of the world restrain the fall in prices.

Despite the recent decline, oil is almost 90% higher than the February 13-year low. The increase from February to May was the most rapid in February-May 2009. "Oil markets recover balance faster than expected, we have not seen any increase in global stocks in 2017, for the first time in four years." - Said UBS analyst Giovanni Staunovo.

Investors are waiting for the speech of US Fed Yellen, from which hope to hear signals on further actions of the Central Bank. The increase in interest rates would mean higher US dollar exchange rate, the higher the dollar will lead to more expensive oil, that could trigger the sale of commodities.

Focus today will be data Baker Hughes oilfield services company in the United States in the number of drilling rigs. Recall, at the end of the working week was reduced slightly ended May 20 - 2 units, and amounted to 404 units. In annual terms, a decline of 481 units or 54.4%. "Baker Hughes data will be very important The big question is whether the trend of reducing the number of drilling will be developed, as in the past few months, oil has risen." - Said Michael Poulsen, an expert Global Risk Management.

Gradually, the focus switches to the OPEC meeting, which is scheduled for June 2nd. Discussion will focus on the possibilities of raising prices and stabilize the market. "We do not expect that OPEC will come to some sort of agreement, and the Gulf countries are likely to increase production", - said the UBS. - Elimination of supply disruptions and rising OPEC production may increase the excess supply, and prices could go back to $ 40. "

WTI for delivery in July fell to $49.39 a barrel. Brent for July fell to $49.30 a barrel.

Gold moderately cheaper today, reaching an eight-week low, and headed to his fourth consecutive weekly fall. The cause of this trend is the strengthening of the US dollar and growing speculation that the Fed will raise interest rates in June.

It is worth emphasizing, lower prices for the precious metal is fixed for the seventh session in a row, which is the longest series in more than six months. Gold is beginning to become cheaper after the minutes of the last Fed meeting, released last week, indicated that the FOMC members do not rule out raising interest rates at its next meeting in June. 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.

"Expectations for improving the Fed in June changed over the past couple of weeks, and taking into account the strengthening of the US dollar and rising stocks, the fall in gold prices looks reasonable. Another reason for the reduction of the precious metal is the current positioning. The data from the CFTC, published last week, showed that net long positions accounted for about 98 percent from a record high, "- said an analyst at UBS Joni Tevez.

Meanwhile, yesterday the Fed Jerome Powell said that the rise in interest rates in the US could happen "pretty soon". However, he warned that it will depend on the state of the economy, including the labor market situation. "There are good reasons to believe that the underlying growth rate of higher" than one might think, based on the latest reports on consumer spending - Powell said. - Labor market data generally give the best signal in real time on the latent pace of economic activity "He stressed that, according to these data, the US economy is now." On a solid basis. "

Attention also focused on the market scheduled for today, the speech of Fed Yellen, which is expected to hear the signals for further actions of the Central Bank. Currently, futures on interest rates Fed indicate that the probability of a rate hike of 24% in June, against 4% last Monday. Meanwhile, the chances increase rate estimated at 55% in July.

The cost of the June gold futures on the COMEX fell to $ 1210.7 per ounce.

China's National Bureau of Statistics (NBS) said on Friday that profits of industrial companies in China climbed 4.2% in April from a year earlier, after a 11.1% gain in March.

For the first months of 2016, industrial profits climbed 6.5% from a year earlier.

The U.S. Commerce Department released gross domestic product (GDP) figures on Friday. The U.S. revised GDP climbed 0.8% in the first quarter, up from the preliminary estimate of a 0.5% rise, after a 1.4% in the fourth quarter. Analysts had expected the U.S. economy to expand 0.9% in the first quarter.

The upward revision was partly driven by a downward revision of the trade deficit.

Consumer spending rose by 1.9% in the first quarter, in line with the previous estimate.

Exports fell 2.0% in the first quarter, up from the preliminary estimate of a 2.6% fall, while imports were down 0.2%, down from the preliminary estimate of a 0.2% rise.

The PCE price index increased 0.3% in the first quarter, in line with the preliminary estimate, after a 0.3% rise in the fourth quarter.

The PCE price index excluding food and energy costs increased 2.1% in the first quarter, in line with the preliminary estimate, after a 1.3% rise in the fourth quarter.

The PCE price index is the Fed's preferred gauge for inflation.

(raw materials / closing price /% change)

Oil 49.40 -0.16%

Gold 1,219.80 -0.05%