Forecast: Brent may fall in price to $58 per barrel

Forecast: Brent may fall in price to $58 per barrel

BAKU, Azerbaijan, Dec. 2

By Eldar Janashvili - Trend:

Brent oil price correction continues at energy exchanges, and it is expected that the price for this brand will continue to fall to $59-$58 per barrel, after which it will begin to rise, reads the weekly summary of Azerbaijan’s InvestAZ investment company, Trend reports Dec. 2.

It is expected that prices will be strongly affected by important fundamental data on oil and gasoline reserves in the US, which will be revealed on Dec. 4 at 19:30 (GMT +4).

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

Euro

Demand for the euro in international currency exchanges rose to $1.0, it is expected to strengthen to $1.1.

The tensions in the growing trade crisis between the US and the EU are moving to a new level, which negatively affects economic expectations in the Eurozone, and also increases sales forecasts according to the EUR/USD rate. The analysis suggests that the rate will fall to $1.08.

Along with this, on Dec. 5, at 14:00 (GMT +4), economic development in the Eurozone will be announced, and on Dec. 6 at 17:30, important fundamental data on the labor market published in the US will be in the focus of investors.

British pound

It is predicted that the GBP/USD rate will continue to strengthen and if it exceeds the mark of $1.29, it will rise in price to $1.3.

An increase in the likelihood that the ruling party in England will be able to gain an advantage in the extraordinary parliamentary elections next week can also have a positive effect on the pound.

Turkish lira

The wave of fall, which began in the second half of last week regarding the USD/TRY rate, may deepen to 5.7 Turkish liras.

The important fundamental indicators of inflation, which will be released on Dec. 3 at 11:00 (GMT +4), will also have a strong impact on the exchange rate.

Gold

In non-ferrous metals markets, gold prices are trading at a low of November. On the other hand, a decline in the US dollar rate is also support for gold prices. So, according to the analysis, if the price per ounce breaks the level of $1,466 ($ 47.1 per gram), most likely it will grow further.

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