Forecast: Brent price may go up to $62 per barrel

8 October 2019 16:17 (UTC+04:00)

By Trend

At energy exchanges, the price per barrel of Brent crude oil will increase over the next two trading days (including today) and may reach $62, according to the weekly summary of the Azerbaijani investment company InvestAZ, Trend reports.

The reason for the rise in price is an increase in risks in the oil-producing regions of Iraq and a decrease in the activity of US companies in the country.

Statistical data from the US on oil reserves in storage to be published this week on Oct. 9 at 18:30 (UTC +4), will have a strong impact on the price of oil.

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

EUR

The tensions in the growing trade crisis between America and the European Union (EU) are moving to a new level, which negatively affects economic expectations in the Eurozone, and also increases sales forecasts for the EUR/USD rate. The analysis suggests that the rate will fall to $1.08.

Along with this, statistical data on German foreign trade to be published on Oct.10 at 10:00 (UTC +4) and inflation in the US at 16:30 (UTC +4) will play an important role this week.

GBP

Rejection by the UK government of proposals to optimize the Brexit agreement with the EU, scheduled for Oct. 31, increases economic risks. This negatively affects the price of the British pound against the euro. The government has already shared a document warning of possible economic chaos that could arise after Brexit without agreement. Thus, it is predicted that the GBP/USD rate, provided that it continues to remain below $1.24 mark, could drop to $1.22.

The focus of investors is also on the main indicators of economic development and the UK industrial sector, which will be released on Oct. 10 at 12:30 (UTC +4).

TRY

The USD/TRY rate continues to maintain strong support at 5.68 liras, and as long as it remains above the given level, it is predicted that the rate may reach 5.76 liras.

The statistical indicators related to the balance of foreign operations in Turkey, which will be released on Friday at 11:00 (UTC +4), will also have a strong impact on the exchange rate.

Gold

Recent positive news about the trade crisis between the US and China has led to the fact that in the non-ferrous metals markets, the price of gold ran into resistance at $1,519 ($48.9 per gram). As long as the price per ounce remains below the specified level, it may again fall in price to $ 1,420.

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