Brent oil may fall in price this week

Brent oil may fall in price this week

BAKU, Azerbaijan, Jan. 28

By Eldar Janashvili – Trend:

A decline in the price of European Brent crude oil is observed at the energy exchanges, Trend reports referring to the Azerbaijani InvestAz investment company’s weekly report.

The forecast reaches $58-56 per barrel.

The important fundamental data on oil and gasoline reserves in the US, which will be revealed on Jan. 29 at 19:30 (GMT+4) is expected to affect the dynamics of prices.

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

Euro

The increasing prevalence of coronavirus revealed in China leads to an increase in demand for the US dollar, increasing uncertainty on international currency exchanges. So, as for the EUR / USD exchange rate, the rate is forecasted to reach up to $1.09 per euro.

The investors will focus on the press-conference of the Federal Reserve System and important fundamental indicators of the US economic development on Jan. 29 at 23:30 (GMT+4) and Jan. 30 at 17:30 (GMT+4), as well as fundamental indicators of economic development in the Eurozone - on Jan. 31 at 14:00 (GMT+4).

British pound

The GBP / USD exchange rate is also under pressure for the same reasons and if the pound remains below the maximum level of the previous week ($1.31), then it may become cheaper by $1.3.

The UK’s interest rate decision is expected to be announced on Jan. 30 at 13:30 (GMT+4).

Turkish lira

A decrease is also observed in TRY/USD exchange rate, while it is forecasted that it may continue up to the level of 5.99 Turkish liras per US dollar.

The investors will focus on disclosing the information about Turkey’s trade turnover on Jan. 31 at 11:00 (GMT+4).

Gold

The demand for gold in the markets of non-ferrous metals remains at the topical level as a result of the political and economic risks in the world. So, the price per ounce last week began to rise again and may reach $1,588 ($51.1 per gram). In accordance with the analysis, if the price breaks even this level, then the price may continue to increase up to $1,600 ($51.5 per gram).

Attention: The abovementioned data are completely recommendatory in nature. The operations on these activities are included in the high-risk group and InvestAz, proceeding from the abovementioned data, does not bear any obligations for ongoing investment operations.

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Follow the author on Twitter: @eldarjanashvili

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