Azerbaijani analysts forecast oil price hike
BAKU, Azerbaijan, March 2
By Eldar Janashvili – Trend:
Oil has started to rise in price again at the energy exchanges, reads the weekly summary of the Azerbaijani InvestAZ investment company, Trend reports on March 2.
It is forecasted that the price of one barrel of Brent oil, which has dropped by 18 percent over the past two weeks (to $49 per barrel), may start to grow in the short term and reach $57.
The price dynamics will also be affected by important fundamental data on the US oil and gasoline stocks, which will be announced on March 4 at 19:30 (GMT+4).
InvestAZ analysts also disclosed the data on the situation in international financial markets and short-term forecasts.
China disclosed the preliminary negative indicators on Feb. 29 amid the economic consequences of coronavirus on international currency exchanges.
As a result of current expectations, the EUR / USD exchange rate began to decline and may again fall in price to $1.09.
From this point of view, this week, special attention will be paid to the important fundamental indicators of business activity in the industrial and service sectors of the US and the Eurozone.
The inflation indicators from the Eurozone will be disclosed on March 3 at 14:00, while labor market indicators on March 6 at 17:30. These indicators will also play a special role.
This also increases the likelihood of reducing interest rates in other countries and the Fed rate.
GBP / USD exchange rate is also under pressure as a result of the expectations that trade negotiations between the UK and the EU will be held in terms of tough statements. In accordance with the analysis, if the price of one British pound remains below $1.29, then it may become cheaper to $1.26.
The Turkish lira continues to fall in price and in accordance with the analysis the USD / TRY exchange rate may go up to 6.33 Turkish liras per $1.
The investors will focus on the inflation rates in Turkey on March 3 at 11:00.
The demand for gold in the markets of non-ferrous metals remains relevant as a result of the availability of political and economic risks in the world. Thus, an increase in price per ounce is expected to reach $1,658 ($53.3 per gram).
The above mentioned data are completely recommendatory in nature. Operations on this type of activity are included in the high-risk group, and InvestAZ CJSC, based on all above mentioned, doesn’t bear any responsibility for ongoing investment operations.
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