TODAY.AZ / Business

Forecast: Brent price may go up

22 January 2020 [11:42] - TODAY.AZ

By Trend


The price of Brent crude oil has been increasing at energy exchanges, and as long as the price remains above $65 per barrel, the rate can rise up to $68 per barrel, Trend reports referring to the Azerbaijani InvestAz investment company’s weekly report.

It is expected that the price dynamics will be affected by important fundamental data on oil and gasoline reserves in the US, which will be released on Jan. 23, at 20:00 (GMT +4). The growth of geopolitical risks in the Middle East and the signing of a trade agreement between the US and China also strongly affect prices.

InvestAZ analysts also presented data on the situation in international financial markets and short-term forecasts.

Euro

At international currency exchanges, the euro to USD rate continues to decline. The analysis gives reason to predict that the depreciation of the euro will continue to the level of 1.1 euros per USD. Among the main reasons are the soft monetary policy of the European Central Bank and the announced negative fundamental indicators. In addition, after signing an agreement with China, the US government began to tighten requirements for Europe.

British pound

The GBP - USD rate is also under pressure for the same reasons, and if the British pound passes the minimum of the past week ($1.30), then it may fall in price to $1.29.

The data on the labor market in connection with retail sales and business activity of the country's production and services sectors was disclosed at 13:30 (GMT +4) on Jan. 21.

Turkish lira

There is an increase in the rate of the Turkish lira, while it is forecasted that the rise in price can continue to the level of 5.78 lira per USD.

Gold

The presence of political and economic risks in the world leads to the fact that the demand for gold in the markets of non-ferrous metals remains at the current level. So, the price per ounce last week began to rise again, although before that it had fallen in price to $1,540 ($49.5 per gram). According to the analysis, as long as the price remains above this level, the rise in price may continue up to $1,584 ($50.9 per gram).

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