Forecast: Brent may rise in price up to $63 per barrel
After the price of Brent crude oil futures strengthened at international exchanges at around $59, it began to rise, reads the weekly summary of the Azerbaijani investment company InvestAZ, Trend reports.
If the proposed mark of $62 will pass the level of $63, prices are expected to rise to $65 per barrel.
Also, the news about the resumption of negotiations between the US and China may contribute to a positive outlook.
Statistical data from the US on oil reserves in storage, to be reported Sept. 9 at 18:30, will have a strong impact on the price of oil.
InvestAZ analysts also presented the current status in the international financial markets and short-term expected forecasts.
Trading in the EUR/USD currency pair is conducted at the level of $1.11 against the forecast of the European Central Bank (ECB) on Sept. 5 at 15:45 (GMT +4) on the possibility of lowering interest rates over the past three years. In addition to this, the Bank announced that it will resume a bond purchase program to support the economy. Despite this, EUR/USD depreciation may accelerate to $1.09 and $1.07.
It is necessary to also consider the possibility that the American Central Bank (FRS, Federal Reserve System) may reduce interest rates. However, in recent days, such likelihood has decreased.
The exchange rate of the British pound sterling against the US dollar amounted to $1.23, in connection with the adoption of the Brexit Bill by the British Parliament on Sept. 6. According to the analysis, after the last wave of increasing in price, the pound sterling may amount to $1.21.
The exchange rate of the USD/TRY currency pair decreased to 5.65 liras last week after the announcement of positive indicators of inflation decrease in Turkey. However, the lira is projected to rise in price to 5.79 in connection with the strengthening of the US dollar. At the same time, a new decision on the interest rate, which will be made by the Central Bank of Turkey at 15:00 (GMT +4) on Sept. 12, is in the spotlight of investors.
The publication of news influencing the reduction of political and economic risks in the world has led to a decrease in the price of non-ferrous metals to average August indicators.
According to the analysis, if the price per ounce drops below $1,503 ($48.2 per gram), it will drop to $1,475 ($47.4 per gram).