August 18 was the first day over the five days when the costs on oil futures were leveled up. However, there was no significant changing in the oil cost, and they remained lower than those of August 16.
The most part of the trade day of August 18 passed under reduced quotations. The oil price-cutting continued under pressure of the information about significant crude and petroleum reserves available in US. Notably that despite the oil production decline in Alaska and the increased fuel consumption, the American crude reserves exceed that ones of the last year on 4.4 per cent, and its petroleum reserves on 1.1 per cent. The oil price-cutting was furthered by the preservation of peace in the Middle East after cease-fire in Lebanon was declared.
The sale of oil futures was stopped on August 18 following the cost on WTI (Light Sweet) crude dropped lower than the psychological level of $70 per barrel. To a certain extent, the purchase of oil futures was triggered by the signs that Iran would not agree with demands of the international community to stop its Uranium Enrichment Program till August 31.
August 18 was the first day over the five days when futures on petroleum and reduced fuel oil in NYMEX leveled up, but changed not significantly. For example, the reduced fuel oil price increased by 1.2 per cent, but was established at the level of less than $2 per gallon to the end of the day. The petrol price went up on 1.7 per cent that technically supported the increase in oil quotations. At the same time the prices on deals with petrol remained unchanged during the day ($2 per gallon).
On the whole, over the last week the prices on oil futures were significantly reduced. For example, over the week Brent crude went down in price on $3.33 per barrel (4.4 per cent). Light Sweet crude became cheaper on $3.21 per barrel (4.3 per cent).
Notably that the official price on WTI crude dropped down to the lowest level over eight weeks and made up $70,06 per barrel, and the price on Brent crude dropped down to its lowest level over seven weeks- $71,58 per barrel. On August 17, the minimum price of the petrol deal corresponded with its lowest level since April 2006 and made up $1,9150 per gallon.
Currency Market
As a result of the last week the official rate of manat in regard to US dollar fixed by the National Bank of Azerbaijan grew 0.001 point or 0.1 per cent. The average rate was established as 0.88564 manat per 1 US dollar..
Last week the maximum rate of US dollar in respect to manat was fixed on August 14 (0.8862 manat per $1), the minimum on August 18 (0.8852 manat per $1)
As a result of the last week exchange rates of Azerbaijani manat in regard to US dollar fixed on the base of the results of the Baku Interbank Currency Exchange (BICEX) increased by 0.0012 point or 0.12 per cent. The average rate was fixed as 0.88508 manat per $1.
Last week the maximum rate of US dollar in respect to manat was fixed on August 14 (0.8858 manat per $1), the minimum on August 18 (0.8846 manat per $1).
Deals concluded last week at BEST with the transition to currency (T+0) comprised $2.005 with the weighted average exchange rate of 0.8858 AZN/USD on August14, $1 with the weighted average rate of 0.8848 AZN/USD on August 15, $4.79 with the the weighted average rate of 0.8852 AZN/USD on August 16, $$5.95 with the the weighted average rate of 0.8850 AZN/USD on August 17.
No deal was implemented with Russian ruble and Euro last week due to the absence of appeals.
Prices on Vouchers
In this period the price on vouchers was stable and made up 85,000 manats (17 AZN).