Forecast: Brent prices to plummet
Baku, Azerbaijan, April 30
By Kheyraddin Nasirzade - Trend:
The benchmark Brent crude, after rising to $76, began to plummet in price.
If oil prices on energy exchanges remain at $72, then there is an expectation that the price will drop to $69, Trend reports referring to the weekly summary of the Azerbaijani investment company InvestAZ.
Statistics on US oil reserves, to be broadcast this week on May 1 at 18:30, will have a strong impact on the price of oil.
InvestAZ analysts also presented the current state of the international financial markets and short-term expected forecasts.
The euro began to rise against the US dollar, but, according to analysts, if the ongoing trading of euro at a price of $1.11 will remain in this position, then growth to $1.12 is possible. Information on Eurozone inflation, as well as fundamental data on the US labor market to be announced on May 3 at 13:00 and 16:30 (UTC +4), can have a strong impact on the rates.
The British pound sterling rates are growing. If trading on the stock exchanges continues at a price of $1.29, then a further rise to $1.30 is possible. The focus of investors is the press conference of the Central Bank of Great Britain on the interest rate, which will begin on May 2 at 15:30.
In the Turkish currency markets, the US dollar rate against the Turkish lira is at around 5.95 TRY per 1 USD. The forecast growth rate is up to 6.08 liras. Important statistics related to inflation in Turkey will be announced on May 3 at 11:00 (UTC +4).
The growth of political risks in the world as well as the fact that the US dollar is under pressure, have an impact on the increase in gold prices in the precious metals market. According to analysts, if the price per ounce strengthens at around $1,283 ($41.3 per gram), then it can rise to $1,296 ($41.7 per gram).
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