Azerbaijani analysts talk forecasts of Brent oil price
BAKU, Azerbaijan, May 6
By Eldar Janashvili – Trend:
The beginning of the fulfillment of obligations under the OPEC+ agreement between the US, Saudi Arabia, Russia and other countries to ensure stable oil prices on energy exchanges leads to an increase in Brent oil prices, which are currently trading at $25-26 per barrel, Trend reports citing the weekly review of the Azerbaijani InvestAZ Investment Company.
The InvestAZ’s analysts noted that the trend of rising prices will continue.
Traders are focusing on figures of the US’ oil and gasoline reserves, which will be published at 18:30 (GMT+4) on May 6.
InvestAZ’s analysts also presented data on the situation in international financial markets and short-term forecasts.
The EUR / USD rate is trading below the resistance levels of previous months at international currency exchanges. The main reason for this are the negative fundamental indicators of the Eurozone, mainly related to inflation, which is why the euro is under pressure. According to technical analysis, as long as the price of the euro is below the $1.1 mark, the decline may continue to $1.08.
Important fundamental indicators on the labor market from Germany, foreign trade from France and inflation from the US, will be announced on May 8.
The GBP / USD rate is also under pressure amid the rising US dollar. According to the analysis, if the price of one pound remains below $1.25 during the current week, then a second wave of decline to $1.23 per pound should be expected.
The USD / TRY rate, which has been hovering at its maximum for the last year, also continues to increase, and so far remains above the support level. The rise in price can last up to 7.1 Turkish lira per US dollar.
The inflation forecasts, which were published on May 4, also indicate that prices in the country will not rise, which may lead to weakening dynamics of the lira’s depreciation.
The presence of the global economic crisis leads to the fact that demand for gold in precious metals markets is diluted with supply, causing resistance at around $1,700 per ounce ($54.7 per gram). In the near future, an increase in the price of an ounce is expected to reach $1,651 ($53.1 per gram).
Attention: The above data are completely advisory in nature. Operations on this type of activity are included in the high-risk group, and InvestAz, based on the foregoing, does not bear any obligations for ongoing investment operations.
Follow the author on Twitter: @eldarjanashvili