Quotes of oil, as a result of the correction took place, close to important support levels - the lower boundary of the rising channel last four months. Furthermore, as practice shows, the current levels of prices for commodities is already attractive for purchases by sovereign funds in developing countries. The latter will buy regardless of how the world economy will recover: by V-section, W-shaped or L-shaped scenario. Governments in developing countries hope that their economy will come out of the crisis on the more powerful developed countries, and such a scenario assumes the maintenance of growth. Moreover, China's experience shows that these hopes are not unfounded. This means that in some developing countries (especially the Southeast Asian region), the consumption of raw materials will grow. Thus, in the rest of the world, even in the L-shaped scenario, the consumption of commodities will not fall. So, in general, demand for raw materials will gradually rise and, consequently, prices will also rise (albeit slowly). Since investments in government bonds of developed countries produce meager income, sovereign funds is quite logical to buy commodities, especially in anticipation of increased demand for raw materials in their national economies (even in the medium and long term).

However, forced to admit that oil prices are rising more slowly up to our expectations: they repeat the dynamics of the year before, only with a delay of a month and about $ 5 below. Therefore, we downgrade the forecast until the end of the year to the level of $ 93 per barrel.

As the U.S. stock market, the Dow Jones index and S P500 left to fall to 1.6% and 2.3%, respectively, in order to reach the bottom of the uplink past three months. In the case of overcoming these levels of support may further decline. However, whether they will be pierced? Frankly, we are not able to figure out where can come serious negative signals: all versions are submitted either farfetched, or already included in prices. At the same time, not far off the new season of quarterly reporting, which should be very strong. Thus, most likely, the lower limit ofthe rising channel will not be breached, which means that the growth of U.S. equities will resume shortly.

Our recommendation on Russia's stock market - to buy. The end of the year we expect to raise the Dow Jones index to the level of 10500 points, rising oil prices to $ 93 per barrel, while the RTS index to the level of 1750 points.

Tymoshenko hopes that the fourth World Bank loan for development of Ukraine will be able to get to the end of the year
Analytics - the outcome of the day

Energy, World Stock Market, Currency, Weather …

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Reacting to negative from external sites, the market recovers up on low volumes
Japanese Finance Minister collapse yenovye crosses
Continued downward movement of the pair EUR /USD
Dollar depreciated - the evening review of cash markets
NPF profited from the crisis