Oil prices, while demonstrating its second-session rise in a row, which is associated with reduced rates of China, as well as speculation about production cuts by OPEC.

China's central bank said that the lowering of interest rates, carried out for the first time in more than two years, there was no change in the "prudent monetary policy" and the need for more aggressive measures not. The People's Bank of China said that the economy is experiencing a downward pressure, which is an additional burden for small businesses. However, economic growth is still relatively high, and inflation is still low, the bank noted.

Regarding the situation in OPEC production, on the eve of Venezuelan Foreign Minister Rafael Ramirez has promised that the country will reduce oil production if OPEC quota reduction treaty at a meeting on November 27. Venezuela, Libya and Ecuador earlier urged fellow cartel to agree on reducing production to stop the fall in prices.

"In the last day there was a lot of rumors about what the solution might take at the forthcoming meeting of OPEC", - said the managing director of IHS Victor Shum, adding that these rumors have caused a rise in prices, but OPEC countries will be difficult to agree on reducing production.

It is worth emphasizing that the concern over the weakening global demand and the likelihood that OPEC producers do not reduce the volume of production, puts considerable pressure on oil prices in recent months.

Support prices have also yesterday's US data. Recall Philadelphia Fed manufacturing index increased to 40.8 this month from 20.7 in October. Analysts had expected the index to decline to 18.9. Another report showed that home sales in the secondary market in the US rose in October to a 13-month high, reaching 5.26 million. Units.

Cost January futures on US light crude oil WTI (Light Sweet Crude Oil) rose to 76.23 dollars a barrel on the New York Mercantile Exchange.

January futures price for North Sea petroleum mix of mark Brent rose $ 0.21 to $ 79.97 a barrel on the London exchange ICE Futures Europe.

Oil prices, while demonstrating its second-session rise in a row, which is associated with reduced rates of China, as well as speculation about production cuts by OPEC.

China's central bank said that the lowering of interest rates, carried out for the first time in more than two years, there was no change in the "prudent monetary policy" and the need for more aggressive measures not. The People's Bank of China said that the economy is experiencing a downward pressure, which is an additional burden for small businesses. However, economic growth is still relatively high, and inflation is still low, the bank noted.

Regarding the situation in OPEC production, on the eve of Venezuelan Foreign Minister Rafael Ramirez has promised that the country will reduce oil production if OPEC quota reduction treaty at a meeting on November 27. Venezuela, Libya and Ecuador earlier urged fellow cartel to agree on reducing production to stop the fall in prices.

"In the last day there was a lot of rumors about what the solution might take at the forthcoming meeting of OPEC", - said the managing director of IHS Victor Shum, adding that these rumors have caused a rise in prices, but OPEC countries will be difficult to agree on reducing production.

It is worth emphasizing that the concern over the weakening global demand and the likelihood that OPEC producers do not reduce the volume of production, puts considerable pressure on oil prices in recent months.

Support prices have also yesterday's US data. Recall Philadelphia Fed manufacturing index increased to 40.8 this month from 20.7 in October. Analysts had expected the index to decline to 18.9. Another report showed that home sales in the secondary market in the US rose in October to a 13-month high, reaching 5.26 million. Units.

Cost January futures on US light crude oil WTI (Light Sweet Crude Oil) rose to 76.23 dollars a barrel on the New York Mercantile Exchange.

January futures price for North Sea petroleum mix of mark Brent rose $ 0.21 to $ 79.97 a barrel on the London exchange ICE Futures Europe.

Gold prices rose markedly today, breaking the level of $ 1,200 per ounce, and reaching the highest value in the last three weeks. The catalyst of this movement was the sudden decision of China to lower their rates, which increased the likelihood of increased demand from the world's biggest consumer of the metal.

It is worth emphasizing that the People's Bank of China for the first time since June 2012 announced reduction in base interest rates to support the economy. Thus, the rate of annual credit will be reduced by 0.4 percentage points - from 6% to 6.31%, the interest rate on deposits for the year decreased by 0.25 percentage points - from 3% to 2.75%. The Chinese central bank clarified that the changes will take effect from 22 November.

Recall that the economy of the PRC for the III quarter of 2014 added 7.3% compared with the same period last year, slightly above the average forecast of analysts. The rate of increase in China's GDP for the period were minimal over the past 5 years and below the official forecast of 7.5%, which allowed for the current year, the Chinese authorities. In II quarter change in GDP was 7.5%.

A further increase in gold prices constrains the strengthening of the US currency, the demand for which is maintained after the publication of minutes of the last Fed meeting, showing that officials believe that the economic recovery is happening confident enough to withstand external threats to growth. Because the protocol is not further clarified regarding the possible timing recovery rates, markets continue to be placed on the fact that the US central bank will raise rates in about September 2015. Expectations of growth rates on loans are putting pressure on gold as a precious metal hardly competes with the yield of interest-earning assets at higher rates.

The course of trading also influenced today's announcement ECB President Draghi who said that inflation expectations declined to very low levels, according to this, there is a possibility of further measures easing monetary policy.

Traders were also analyzed news on the sale and purchase of gold by central banks. According to the IMF, Ukraine in October reduced the gold reserves of more than a third, and Russia increased their seventh consecutive month. In addition, it was reported that India in October increased its imports of gold (in the form of bullion, jewelery and semi-finished products) by 24% compared to October last year - to $ 620 million. The import of gold jewelry rose by almost 2-fold, to $ 40, 44 million, gold bullion - by 22%, to $ 574,370,000. The import of semi-finished products for gold jewelry (jewelery accessories, frames, molding) decreased by 10%, to $ 5.18 million. since the beginning of 2014 India imported gold approximately $ 4.8 billion, which is 18% less than in January-October 2013. The import of bullion fell by 20%, to $ 4.2 billion, imports of jewelry remained at $ 0.5 billion. Imports of semi-finished products grew by 36% to $ 56 million. The export of gold from India in October 2014 increased by 39% yoy and exceeded $ 1.02 billion, this amount is almost completely accounted for by exports of gold jewelry (supply of gold coins and medallions totaled only $ 0.59 million). During 10 months of 2014, gold exports from India declined by 12% compared with January-October 2013, to about $ 7.8 billion. Exports of gold jewelry rose 11% to $ 7.3 billion. The export of gold coins and medallions fell by 76%, to less than $ 0.6 billion.

The cost of December gold futures on the COMEX today rose to 1205.00 dollars per ounce.

Oil prices rose in today's session with Brent Crude trading +1.18% at USD80.27 a barrel and WTI Crude gaining +0.95% currently quoted at USD76.57 supported by good U.S. economic data published yesterday.

Investors try to assess the potential outcome of the OPEC meeting, which will take place next week in Vienna. Experts note that the main producers of OPEC do not want to reduce production quotas, and other members of the cartel, including Venezuela, Iran, Ecuador, Nigeria and Algeria called for measures to stabilize oil prices. Morgan Stanley analysts pointed out that the probability that the leadership of OPEC still decide to cut production, has recently increased.

Increasingly weak oil prices which have fallen by almost a third in five months add further pressure on the leading OPEC members Saudi Arabia and Kuwait that still seem resisting calls from other members to cut output as they fear losing market shares to U.S. shale drillers. The OPEC with its 12 member countries responsible for 40% of world's oil production is scheduled to meet in Vienna on November 27 to discuss 2015 production target and whether to adjust the current volume of production at 30 million. B / d at the beginning of 2015.

Gold, currently trading below the key-level of USD1200.00 a troy ounce recovered from earlier trading losses. ECB presidents Mario Draghi's speech sent the euro toward five-year lows weighing on the precious metal. The strong greenback supported by strong U.S. data and the Federal Reserve's most recent meeting minutes puts pressure on gold as it makes the metal more expensive for buyers not using the U.S. dollar.

Holdings in gold-backed exchange-traded products fell 2.1 tons to 1,614.7 tons yesterday, remaining at the lowest in more than five years, data compiled by Bloomberg show.

GOLD currently trading below USD1,200.00

BLOOMBERG

Confused OPEC Watchers Are More Divided Than Ever

To understand just how contentious next week's OPEC meeting will be, take a look at the confusion it's created among professionals paid to predict the outcome.

The 20 analysts surveyed this week by Bloomberg are perfectly divided, with half forecasting the Organization of Petroleum Exporting Countries will cut supply on Nov. 27 in Vienna to stem a plunge in prices while the other half expect no change. In the seven years since the surveys began, it's the first time participants were evenly split. The only episode that created a similar debate was the OPEC meeting in late 2007, when crude was soaring to a record.

Source: http://www.bloomberg.com/news/2014-11-21/confused-opec-watchers-are-more-divided-than-ever.html

BLOOMBERG

SNB Can Take Further Steps to Defend Cap, Zurbruegg Says

The Swiss National Bank will defend its cap of 1.20 per euro on the franc and won't hesitate to enact supplementary measures, Governing Board Member Fritz Zurbruegg said.

"The SNB will continue to enforce the minimum exchange rate with the utmost determination," Zurbruegg said in a speech yesterday in Geneva, reiterating the stance taken by the central bank at its most recent policy decision. "To this end, it is prepared to purchase foreign exchange in unlimited quantities and to take further measures immediately if required."

Source: http://www.bloomberg.com/news/2014-11-20/swiss-bank-can-take-further-steps-to-defend-cap-zurbruegg-says.html

REUTERS

Iran says will double oil exports in two months if sanctions end

Iran will double its oil exports within two months if sanctions against it end, Oil Minister Bijan Zanganeh told official news agency IRNA.

Zanganeh said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week, IRNA said on Thursday.

Source: http://www.reuters.com/article/2014/11/20/us-opec-iran-saudi-idUSKCN0J424120141120