Oil prices and dynamics of Azerbaijani monetary market (June 25-30)

Oil market

On June 25-29, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports was about $94.02 per barrel or $1.6 per barrel less than the previous week. The maximum price was $96.84 per barrel. The minimum price was $91.48. 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 over $89.7 per barrel or $0.67 less than the previous week. The maximum price was $93.08 per barrel and the minimum - $86.56. 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 $91.46 per barrel or $1.05 less than the previous week. The maximum price was $94.5 per barrel and the minimum - $88.62. Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.

Monetary market

Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan (CBA), consolidated by 0.0001 points (0.01 percent). The average rate was established at 0.78565 manat to 1 U.S. dollar.

As a result of last week's exchange, the rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX), did not change.

The average rate was set at 0.7850 manat to 1 U.S. dollar.

Deals concluded last week at BEST with transition to currency (T+0) comprised: June 27 - $0.4 million with exchange rate of 0.7850 AZN/USD, June 29 - $0.475 million with exchange rate of 0.7850 AZN/USD.

No deal was concluded with USD/AZN T+1 and T+2 due to few appeals made by dealers. On appeals on RUB/AZN and EUR/AZN, appeals were not made.

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