Forecast: Brent prices may drop to $60 per barrel

Forecast: Brent prices may drop to $60 per barrel

Baku, Azerbaijan, Sept. 16

By Kamala Mammadli - Trend:

In addition to a 5-percent decrease in supply on the global energy market as a result of an attack on two refineries in Saudi Arabia, Brent crude showed a notable increase to $68 in Europe; however, the price of 1 barrel began to fall again, expected to go down to $60, according to the weekly summary of the Azerbaijani investment company InvestAZ, Trend reports.

Statistical data from the US on oil reserves in storage to be published this week on September 18 at 18:30 (UTC +4), will have a strong impact on the price of oil.

InvestAZ analysts also presented the current state of international financial markets and short-term expected forecasts.

EUR

The exchange rate of the euro against the US dollar rose to $1.11 after the European Central Bank freed banks from negative savings last week. The rise in prices also raised hope for a solution to the trade crisis between the US and China.

However, expectations for growth in the development of the Eurozone decreased, and the risks of the economy of the Eurozone and the world remain unchanged. As such, it is predicted that the euro will again fall to $1.10.

The biggest event for investors this week was the decision of the US Central Bank on the interest rate, which can also lead to lower interest rates in the financial market.

GBP

The Bank of England will also announce its decision on September 19 after European and American central banks will announce interest rates. The media regarded the likelihood of Brexit’s backstop clause between the UK and the EU being subject to change as being high. However, before the official decision is announced, the GBP/USD rate, which increased to $1.25, may get adjusted to $1.22.

TRY

After the interest rate cut by the Central Bank of Turkey, the USD/TRY rate dropped to 5.65 liras. However, an increase in expectations for economic and political risks contributed to the growth of the currency to 5.74 liras. A sharp increase in oil prices is a burden on the economies of developing countries, and the rising military crisis in the Middle East may increase risks. However, these assumptions remain relatively weak.

Current analysis allows to predict that the price could rise to 5.66 liras.

Gold

Attacks on oil refineries in Saudi Arabia have increased the likelihood of an exacerbation of the crisis in the Middle East. As a result, demand for gold in the non-ferrous metals markets increased, and the wave of depreciation weakened. The analysis shows that the current correction wave can be deepened to $1,474 ($47.4 per gram).

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Follow the author on Twitter: @kamala_mammadli

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