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Dynamics of changes in some economic segments

Analysis Materials 28 May 2009 12:02 (UTC +04:00)

Oil market

On May 18-22, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was $59.84 per barrel or $1.84 per barrel more than the previous price.

The maximum price was $61.1 per barrel. The minimum price was $58.05.

The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $56.87per barrel, or $1.97more than the previous price. 

The maximum price was $55.18 per barrel and the minimum - $54.66.

Urals' density is 32 degrees API with sulfur content up to 1.3 percent. The oil grade's specifications vary when sold depending on its high/low-quality content.

The average price on Brent Dated was $57.77 per barrel, or $1.25 more than the previous price.   

The maximum price was $58.98per barrel and the minimum - $56.3.

Brent Dated's density is 38.3 degrees API with sulfur content of 0.36 percent.  

As a result of trades on May 22 on the New York Mercantile Exchange, the prices for WTI oil futures with July delivery rose $0.62 to $61.67 per barrel. The July contract for Brent Crude on InterContinental Exchange in London increased $0.85, totaling $60.78 per barrel.      

Meanwhile, on Monday the deterioration of mood was recorded in the oil market. Investors are inclined towards reduction due to the expectations that during its next meeting, OPEC will leave production quotas unchanged. The meeting of the ministers of the cartel will be held on May 28 in Vienna. It is anticipated that the decision of the organization will affect the rise in oil prices and the first signs of stabilization of the world economy. It was expected that the participants of the meeting will called for greater adherence to quotas, though price increases contributed to an increase in production above the established levels.

Since the end of the last year, the oil prices have increased 86% reaching $62.26 per barrel to May 20. Significant decrease in production of OPEC countries also affected the price dynamics. Since last September, the target level of production of "black gold" in the cartel fell 4.2 million barrels to $24.845 million.

Currency market

Last week the official rate of the manat against the US dollar, set by the Central Bank of Azerbaijan, established at 0.0001 points or 0.01 percent. The average rate was established at 0. 0.80366 manats to 1 U.S. dollar. 

Last week the maximum rate of the US dollar compared to manat was established on May 18-20 (0.8037 manats to 1 U.S. dollar) and minimum on May 21-22 (0.08036 manats to 1 U.S. dollar).

As a result of last week's exchange rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX), consolidated by 0.0006 points (0.06 percent). The average rate was fixed at 0.80314 to 1 U.S. dollar.

Deals concluded last week at BEST with transition to currency (T+0) comprised: On May 18, $1.5 million with the average sustained rate of 0.8027 manats to 1U.S. dollar, May 19 - $1.11 million with the average sustained rate of 0.8031 manats to 1 U.S. dollar, May 20., $4.85 million with the average sustained rate of 0.8033 manats to 1 U.S. dollar, on May 21 no neal has been concluded and therefore the rate sustained at the previous rate 0.8033 manats to 1 U.S. dollar and May 22 - $0.96 million with the average sustained rate of 0.8033 manats to 1 U.S. dollar.

No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. Appeals were not received on RUB/AZN and EUR/AZN (Ň+1, Ň+2).

Market of privatization shares

Last week the price of the privatization vouchers remained the same - 20 manats. The value of vouchers dropped three manats as it is going to expire soon.

The validity period of the vouchers will expire on Jan. 1 2010.

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