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Oil prices and dynamics of monetary market of Azerbaijan (Dec. 23-27)

Analysis Materials 30 December 2013 13:53 (UTC +04:00)

Oil market

On Dec. 23-27, the average price on AZERI LT, exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports to Italian Augusta port, was $114.81 per barrel or $1.59 more compared to the previous week.

The maximum price for AZERI LT was $115.51 per barrel. The minimum price was $114.63 per barrel.

The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $108.61 per barrel or $0.48 more compared to the previous week.

The maximum price for Urals was $108.89 per barrel and the minimum - $108.42 per barrel.

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 $111.66 per barrel or $1.17 more compared to the previous week.

The maximum price on Brent was $112.43 per barrel and the minimum - $111.4.

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 Azerbaijani Central Bank (CBA) remained unchanged. The average rate was established at 0.7845 manat to 1 U.S. dollar.

As a result of last week's exchange, the stock exchange price of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX) remained unchanged. The average rate was set at 0.7835 manat to 1 U.S. dollar.

Deals concluded last week at BEST with transition to currency (T+0) comprised: December 24 - $ 2.274 million, December 27- $ 9.382 million, Dec. 25, 26, 28 and 29 - no deals were concluded.

No deal was concluded with USD/AZN T+1 and T+2 due to lack of appeals made by dealers. Appeals on EUR/AZN and RUB/AZN were not made by banks in BEST.

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