Azerbaijani analysts: Oil prices to remain above $55 per barrel
Economy25 February 2020, 18:37 415
Oil on energy exchanges has started to rise in price again and it is forecasted that the price of a barrel of Brent-Europe oil, which rose by 13 percent over the past two weeks (and then began to fall to $56), will remain above $55 in the near future and may continue to grow, reads the weekly summary of the Azerbaijani InvestAZ investment company, Trend reports.
The price dynamics will also be affected by important fundamental data on oil and gasoline stocks in the US, which will be released on Feb. 26 at 19:30 (GMT +4).
InvestAZ analysts also presented data on the situation in international financial markets and short-term forecasts.
Against the backdrop of fears of economic losses on international foreign currency exchanges due to the threat of coronavirus, the demand for the US dollar continued to grow all this time from the beginning of the year. However, after China announced reduction in the number of new infections in recent days, there has been a decline in US dollar trading that may deepen even if adjusted.
Thus, the growth observed in the EUR/USD rate may continue up to $1.09 per euro.
The GBP/USD rate for the same reasons began to rise, gaining support at the level of $1.29. It is expected that currency growth may continue to $1.31 per pound.
Rising oil prices on energy exchanges are likely to also positively affect the price of the pound.
Decrease is also observed regarding the rate of the Turkish lira, while it is forecasted that the fall of the lira may continue to $6.15 lira per US dollar.
The reason for the reduction of the lira rate is the policy of lowering interest rates by the Turkish Central Bank, and, on the other hand, a repeated increase in inflation.
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 relevant. So, the price per ounce last week began to rise again and may reach $1,681 ($52.2 per gram), but then it started to decline and according to the analysis, the rate will reverse and stabilize at $1,608 ($50 per gram).
Attention: The above mentioned data are completely recommendatory in nature. Operations on this type of activity are included in the high-risk group, and InvestAZ CJSC, based on all above mentioned, doesn’t bear any responsibility for ongoing investment operations.
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