Azerbaijani analysts: Price of Brent oil may rise

6 April 2020 18:22 (UTC+04:00)

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Dissemination of news about negotiations between the US, Saudi Arabia and Russia on stabilizing oil prices on energy exchanges leads to an increase in Brent oil prices, which are currently trading at $34 per barrel, Trend reports with reference to the weekly report of the Azerbaijani InvestAZ investment company CJSC.

Brent oil prices could reach up to $46 per barrel, if it breaks a maximum indicator of the last week ($36 per barrel).

Analysts of the InvestAZ also presented data on the situation in international financial markets and short-term forecasts.

Euro

The EUR/USD rate on international currency exchanges decreases to $1.08 as a result of an increase in the value of the dollar compared to leading currencies last week. According to technical analysis, if the price of the euro breaks the upholding at $1.077, the decline to $1.06 may continue.

On April 7 at 10:00 (GMT+4), important fundamental indicators will be announced on industrial production from Germany, foreign trade from France and inflation from the US.

British pound

GBP/USD is also under pressure amid rising dollar. According to the analysis, if the price of one pound remains below $1.24 during the current week, then a second wave of decline should be expected.

In addition, the investors are focused on important statistical indicators related to economic development, industrial and foreign trade from the UK, which will be published on April 7 at 10:00.

Turkish lira

The USD/TRY rate, which has been hovering at its maximum for the last year, also continues to rise, and remains above the support level so far. The rise in price can last up to 6.96 Turkish liras.

The investors will be focused on unemployment in Turkey, expected on April 10 at 11:00.

Gold

The presence of political and economic risks in the world leads to the fact that demand for gold in the non-ferrous metals markets remains relevant, providing support at around $1,643 per ounce ($52.8 per gram). In the short term, an ounce price increase is expected to reach $1,703 ($54.8 per gram).

Attention: The above data are completely 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 liabilities for ongoing investment operations.

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