Brent oil price may increase up to $67 per barrel

By Trend

The prices for a barrel of Brent crude oil on the energy exchanges in Europe continue to rise while the forecasts related to a rise in price up to $67 remain valid, the weekly summary of Azerbaijan’s InvestAZ investment company said, Trend reports Dec. 2.

The important fundamental data on oil and gasoline reserves in the US, which will be revealed on Dec. 18 at 19:30 (GMT+4) are expected to greatly affect the prices.

InvestAZ analysts also described the current situation in the international financial markets and short-term forecasts.

Euro

The interest in risk on the world exchanges aroused even more after receiving an agreement on the initial stage of a trade agreement between the US and China, which is planned to be signed in the first week of January. Thus, the EUR / USD rate is expected to continue to grow. It still remains at the level above $1.11.

Moreover, the investors focused on the process of disclosing the business activity indexes in the industrial and service sectors of the Eurozone on Dec. 16 at 13:00. The investors will also focus on the data in the US industrial sector - on Dec. 17 at 17:30 and the construction sector - on Dec. 19 at 19:00 and on economic development - on Dec. 20 at 17:30.

British pound

After the early parliamentary elections in England, the relations between the EU and the UK amid Brexit further aggravated. As a result, there is an increase in the GBP / USD rate, which can continue up to the level of $1.37.

The holding of Brexit on January 31 and coordination of a trade agreement between the two parties during the coming year, which will also affect the dynamics of the rate, will be the priority topics for supporters of the government, after gaining a majority in the parliament.

Turkish lira

The USD / TL exchange rate continues to strengthen and it is forecasted that the rate may reach 5.87 Turkish liras ($1).

The fundamental indicator related to the balance of foreign operations in Turkey, which will be released on Dec. 20 at 11:00, will also have a strong impact on the exchange rate.

The USD / TL exchange rate has dropped and the analysis shows that the price can increase up to 5.87 liras.

The decrease in interest rates of the Turkish Central Bank not only shows a decrease in its surplus in external settlements, but also leads to a decrease in exchange rate of the Turkish lira.

Gold

As a result of the recent positive news about the trade crisis between the US and China, the price of gold is at the resistance level of $1,519 ($48.9 per gram) in the non-ferrous metals markets. The price per ounce still remains below the indicated level. It may again fall in price up to the level which was in August ($1,420).

The price of gold continues to fluctuate in the range of highs and lows during the last five weeks in the non-ferrous metals markets.

The analysis shows that the price may increase if it reaches above $1,478 per ounce ($46.5 per gram) and may rise up to $1,498 ($47.1 per gram).