Azerbaijani investment analysts reveal forecast for Brent oil

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Azerbaijani investment analysts reveal forecast for Brent oil

May 18, 2020 (MENAFN via COMTEX) —

(MENAFN – Trend News Agency) BAKU, Azerbaijan, May 18

By Eldar Janashvili – Trend:

Growing expectations of rising oil demand in the global economy lead to increase of Brent oil prices, which currently stand at $31 per barrel and can reach $40 per barrel, Trend reports citing the weekly review of Azerbaijan’s InvestAZ Investment Company CJSC.

The InvestAZ’s analysts noted that the upward trend in prices will continue.

Traders are focusing on US oil and gasoline reserves, which will be published at 18:30 (GMT+4) on May 20.

The company’s analysts also presented data on the situation in international financial markets and short-term forecasts.

Euro

After eliminating the factors affecting the growth of risks in the global economy in recent months, the dynamics of the euro’s weakening on international currency exchanges also declined and the currency stands at levels above $1.08.

Important fundamental indicators for the industrial and service sectors of the eurozone, which will be announced this week, can also lead to a rise in the rate.

British pound

The dynamics of the GBP / USD decline reaching $1.19 per pound may weaken amid the key indicators related to the sectors of industry and services, which will be revealed this week.

Investors are also focusing on negotiations with the EU amid Brexit’s economic agreement

Turkish lira

The decline in USD / TRY rate observed over the past weeks has continued and can go down to 6.77 Turkish lira per dollar.

The interest rate decision of the Central Bank of Turkey (TCMB) is expected with great interest, which will be published at 15:00 (GMT+4) on May 21.

Gold

The current world economic crisis leads to the fact that demand for gold in precious metal 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).

Gold prices on precious metal markets continue to rise, and the price per ounce can also reach $1,780 ($57.2 per gram) and $1,796 ($57.7 per gram).

Attention: The above data are recommendatory 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

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