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Forecast: Brent prices may drop to $60 per barrel

23 September 2019 16:41 (UTC+04:00)
Forecast: Brent prices may drop to $60 per barrel

By Trend

A recovery of the stability of oil prices can be observed at energy exchanges after last week's volatility spike to $70. This gives grounds to predict that the price of Brent crude oil may drop from $65 per barrel to $60, according to the weekly summary of the Azerbaijani investment company InvestAZ, Trend reports.

Statistical data from the US on oil reserves in storage to be published this week on September 25 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 likelihood of the US Federal Reserve lowering the interest rate by the end of the year and restoring the bond purchase program keeps the prices of the US dollar against other global currencies under pressure. This will depend on the fundamental indicators to be announced in the US. In this regard, investors will be focused on the economic development index, which will be published in the US at 16:30 (UTC +4) this week.

According to the analysis, the EUR/USD rate may go up to $1.1081, with continued trading at $1.10.

GBP

The pressure of the UK Parliament and European countries against the tough Brexit policy of the British government is one of the most important events on the stock exchanges. This week, the UK Supreme Court will decide on the legality of the suspension of parliament by the government. According to forecasts, there is a possibility of depreciation of GBP/USD from $1.26 to $1.23.

TRY

The rise in price of USD/TRY last week makes a growth to 5.80 liras all the more likely. Also in the spotlight are the negative fundamental indicators on reducing industrial and retail trade announced in Turkey.

Gold

The easing of monetary policy by central banks increases the demand for gold. In the precious metals markets, the price per ounce is again trading at $1,516 ($48.8 per gram). It is predicted that the price could rise to $1,537 ($49.4 per gram).

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