Oil prices and dynamics of monetary market of Azerbaijan (07.02- 11.02.2011)
Feb.7-11, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was $102.51 per barrel, or $0.25 less than the previous price. The maximum price was $103.42 per barrel. The minimum price was $101.63.
Azeri Light's density is 34.6 degrees API with a 0.14-percent sulfur content. The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $96.37 per barrel, or $0.09 more than the previous price.
The maximum price was $97.45 per barrel and the minimum - $95.15. Urals' density is 32 degrees API with a 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 $99.93 per barrel, or $0.42 less than the previous price. The maximum price was $100.92 per barrel and the minimum - $99.06. Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.
Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan, consolidated by 0.0007 points (0.07 percent). The average rate was established at 0.7958 manat to 1 U.S. dollar.
After the Central Bank shifted to bilateral targeting of the dollar/manat from Jan. 10, 2011, exchange rate of the national has stabilized. Macroeconomic analysis showed that bilateral targeting of dollar/manat corresponds with the objectives of the Central Bank, particularly in influencing the inflation rate.
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) decreased by 0.0017 pint or 0.17 percent at 0.79508 to $1.
Deals concluded last week at BEST with transition to currency (T+0) comprised: Feb.7 - no deals concluded and the exchange rate kept at 0.7961 AZN/USD, Feb. 8 - $9.75 million with exchange rate of 0.7955 AZN/USD, Feb. 9 - $12.13 million with exchange rate of 0.7950 AZN/USD, Feb. 10 - $6 million with exchange rate of 0.7944 AZN/USD, and Feb. 11 - $4.4 million with exchange rate of 0.7944 AZN/USD,.
No deal was concluded with USD/AZN T+1 and T+2 due to too few appeals by dealers. Appeals were not received on RUB/AZN and EUR/AZN.
During January, the official exchange rate of manat compared to U.S. dollar, set by the CBA consolidated by 0.1 percent, stock prices - by 0.14 percent.