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Oil prices and dynamics of Azerbaijani currency market (Aug. 20 - 24)

Analysis Materials 27 August 2012 12:02

Oil market

On August 20-24, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports was about $117.68 per barrel or $1.18 per barrel more than the previous week. The maximum price was $118.87 per barrel. The minimum price was $116.79. 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 $114.63 per barrel or $0.21 more than the previous week. The maximum price was $115.63 per barrel and the minimum - $114.08. 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 $116.11 per barrel or $1.28 more than the previous week. The maximum price was $117.53 per barrel and the minimum - $115.12. Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.

Currency market

Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan (CBA), remained unchanged. The average rate was established at 0.7854 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 0.7848 manat to 1 U.S. dollar.

Deals concluded last week at BEST with transition to currency (T+0) comprised: Aug. 20 - 22 no deals were concluded, therefore, exchange rate remained at 0.7848 AZN/USD, Aug.24 - $0.373 million with exchange rate at 0.7848 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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