The appreciation of quotations for major commodity assets: oil and gold has been noted as of October 16, 2017. The strengthening of the cost of oil and related products is mainly due to news from Iraq, where government troops are fighting against Kurdish armed formations (Peshmerga) in an effort to win back the raw-rich province of Kirkuk. In addition, the process of shaping the price of oil is now heavily influenced by statistics on drilling rigs in the US and a new round of tension between Donald Trump and the Iranian Republic.
At the end of the trading session on the Asian markets, futures contracts for the Brent benchmark Crude Oil have been appreciated by 1.17%, to the mark of $ 57.84 per barrel. The cost of futures for the WTI Crude Oil barrel has been appreciated by 0.86%, to the mark of $ 51.89.

Brent Crude (ICE)

WTI Crude Oil (Nymex)

The growth of quotations has been intensified after the last statements of Donald Trump regarding the agreement with Iran on the nuclear program. At the same time, the US president has dismissed the results of the IAEA's expertise, which assures that the ayatollah regime complies with all the terms of the treaty. At the same time, Trump refused to make a final decision, giving the right of choice to Congress, which must answer the question whether the US will "revive" the sanctions against Iran.
In the event that the US Congress decides to resume sanctions against Iran, this could seriously affect the export of oil from this Islamic country. Perhaps, the level of export of raw materials will decrease by one million barrels per day. European countries have already warned the US against such a step, pointing out that the sanctions will have a devastating effect on America's international relations with other countries of the world. In addition, this will lead to a new nuclear arms race in the region.
In Iraq, the situation is even more alarming. The government troops of the second largest oil producer in OPEC entered into armed confrontation with Kurdish detachments of the Peshmerga, seeking to win back the province of Kirkuk, the depths of which are rich in "black gold." Also, in this province is strategically important airport. The recent referendum also touched Kirkuk, despite the fact that he does not formally form part of the Kurdish Autonomy. The government of Kurdistan intends to protect the province recovered from the terrorists, saying that it will not allow the presence of government troops there.
The oil market is also feverish and disappointing statistics company Baker Hughes, whose data indicate a decrease in drilling activity in the US. This statement is supported by the data that last week the number of drilling rigs in the US fell to 743. In addition, the work on the drilling platform in Louisiana was stopped after detonation of highly flammable vapors.
The new week of trading started with positive signals for the commodity asset "Gold", whose quotes rose due to unsatisfactory figures from the report on inflation, which added uncertainty to market participants, and, that the US currency regulator will go on the growth of the key interest rate until the end of this year. An important indicator of the "Consumer Price Index" added only 0.5% in the US last month, while experts expected growth of 0.6%. The inflation report confirmed fears of some Fed officials who believe that the low values of 2017 may last in 2018, and for this reason, the regulator should not be in a hurry with the growth of the key rate.

Gold (Comex)

Silver (Comex)

Futures contracts for gold for delivery in December increased 0.69%, to $ 1305.48 on the basis of the trading session at the COMEX exchange. In total, this asset gained 2.03% last week.
The US dollar index, which demonstrates the strength of the US dollar against the weighted average trading basket of six world currencies, has added up to 93.62.
The silver quotations have reached $ 17.44 per troy ounce. The copper cost has risen by 0.45%, to $ 3.134 per pound. The platinum cost has reached the mark of $ 948.80.
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