Azerbaijani investment company: Brent oil may fall in price

Azerbaijani investment company: Brent oil may fall in price

BAKU, Azerbaijan, Jan. 13

By Eldar Janashvili - Trend:

The price of European Brent crude oil on energy exchanges is corrected to $65 per barrel, the weekly summary of the Azerbaijan’s investment company InvestAZ, Trend reports on Jan. 13.

It is expected that prices will be strongly affected by important fundamental data on oil and gasoline reserves in the US to be revealed on Jan. 15 at 19:30 (GMT +4).

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

Euro

Dollar prices in relation to leading currencies on international currency exchanges are corrected before signing a preliminary trade agreement between the US and China on Jan. 15. However, it is forecasted that there may be a new round of price increases. So, at the EUR / USD exchange rate, which is now 1/1.11, a new round of price decreases may begin to 1.10 dollar per euro.

Along with this, the focus of investors will be the disclosure of data on inflation and activity in the US industrial sector on Jan. 14 and 16, at 17:30 (GMT+4), respectively, as well as industrial production in the Eurozone on Jan. 15 at 14:00.

British pound

The GBP / USD rate is also under pressure for the same reasons, and if the pound sterling passes the minimum of the past week ($1.30), then it can drop in price to $1.29.

It is expected to disclose data on economic development, positive balance of trade and inflation in the UK on Jan. 13 at 13:30 (GMT+4).

Turkish lira

There is an increase in the TRY / USD rate, while it is forecasted that the rise in price can continue to the level of 5.78 lira per dollar.

The focus of investors will be the disclosure of information on the current balance of operations on Jan. 13 at 11:00, on retail sales on Jan. 16 at 11:00, the budget balance on Jan. 15 at 11:00 and the disclosure of the percentage decision of the Central Bank of Turkey on Jan. 16 at 15:00.

Gold

The presence in the world of political and economic risks leads to the fact that the demand for gold in non-ferrous metals markets remains at the current level. So, the price per ounce began to rise again last week, although before that it had fallen in price to $1,540, which is amounted to $49.5 per gram. According to the analysis, as long as the price remains above this level, the price increase can continue up to $1,584 or $50.9 per gram.

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Follow the author on Twitter: @eldarjanashvili

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