Following a reduction in the cost of oil futures contracts for Brent oil on international exchanges by almost 9 percent to $61, prices rose again to $63, Trend reports.
Based on analyses, prices are projected to increase to $66, according to the weekly summary of the Azerbaijani investment company InvestAZ,
Statistics on US oil reserves in storage, to be broadcast on July 24 at 18:30 (UTC +4), will have a strong impact on the price of oil.
InvestAZ analysts also present the current state of the international financial markets and short-term expected forecasts.
The bidding of the EUR/USD currency pair is being conducted at $1.12 before a new announcement by the European Central Bank (ECB) on July 25 on a decision on interest rates and future policies. Analysts do not expect the ECB to change its interest rates, but it may reveal a new monetary policy strategy to support the economy. Speaking about this in early June, the president of the bank had high hopes for the markets. Forecasts of the global stock market suggesting that the euro could rise to $1.14 remain relevant.
The exchange rate of the pound sterling against the US dollar at $0.01, up to $1.25, may rise to the $1.26 mark. On July 23, the British Conservative Party will announce who won the final round of the election of the Tory leader - Alexander Boris de Pfeffel Johnson or Jeremy Richard Streynsham Hunt. The country's parliament is trying to mitigate the influence of Brexit through new laws.
The likelihood of increasing political tension between Turkey and Europe has increased the official exchange rate of the US dollar against the Turkish lira. As such, analysts believe that if the bidding continues at a price of 5.6 liras, then a rise in price to 5.72 and 5.8 liras is to be expected. At the same time, the new interest rate decision to be made by the Turkish Central Bank at 15:00 (GMT+4) on July 25 is in the focus of investors' attention. Interest rate cuts are forecasted.
The likelihood of declining interest rates of central banks and a decline in the rate of the US dollar on international exchanges led to an increase in gold in the precious metals markets to $1,453 per ounce last week. The price per ounce is expected to rise to $1,464.
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