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Forecast: Brent oil price may go even higher

Finance Materials 7 January 2020 11:23 (UTC +04:00)
The price for 1 barrel of Brent crude oil for on energy exchanges in Europe increased to $71, the forecast of a price rise to $73 remains valid
Forecast: Brent oil price may go even higher

BAKU, Azerbaijan, Jan. 7

By Eldar Janashvili - Trend:

The price for 1 barrel of Brent crude oil for on energy exchanges in Europe increased to $71, the forecast of a price rise to $73 remains valid, the weekly summary of the Azerbaijan’s InvestAZ investment company, Trend reports on Jan. 7.

It is expected that the prices will be strongly affected by important fundamental data on oil and gasoline reserves in the US, which will be revealed on Jan.9 at 19:30 (GMT+4).

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

Euro

The dollar at international currency exchanges in relation to leading currencies began to rise in price against the background of the deepening political crisis between the US and Iran. As a result, the EUR / USD rate has also started to decline, as long as it remains below $1.12, it may fall in price to $1.11 or $1.10.

Along with this, the focus of investors will be the disclosure of data on inflation in the Eurozone and the services sector in the US on Jan. 8 at 14:00 (GMT+4) and 19:00 (GMT+4) respectively, as well as on the US labor market on Jan. 10 at 17:30 .

British pound

The GBP / USD rate is also under pressure for the same reasons, and as long as the pound remains below $1.32, it could fall in price to $1.29.

It is expected to disclose data on the index of business activity in the UK services sector at 13:30 (GMT+4) on January 7.

Turkish Lira

The USD / TRY rate continues to strengthen, and it is predicted that it can increase to 6.05 liras.

The decrease in interest rates of the Central Bank of Turkey not only shows a decrease in the country's surplus in external settlements, but also reduces the cost of the lira.

Gold

The growth of political and economic risks in the world leads not only to an increase in demand for the dollar, but also to a price increase of gold in the markets of non-ferrous metals. If the price of gold remains above $1.575 ($50.6 per gram) it may exceed $1,625 ($52.3 per gram).

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