Oil prices and dynamics of monetary market of Azerbaijan (May 19-23)

Oil market

The average price on AZERI LT, exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports to Italian Augusta port, was $113.84 per barrel on May 19-23, or $1.51 more compared to the previous week.

The maximum price for AZERI LT was $114.47 per barrel. The minimum price was $113.01 per barrel.

The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $108.2 per barrel or almost $1 more compared to the previous week.

The maximum price for Urals was $108.74 per barrel and the minimum - $107.96 per barrel.

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 $110.86 per barrel or $1.27 more compared to the previous week.

The maximum price on Brent was $111.3 per barrel and the minimum - $110.36.

Currency market

Last week the official rate of the manat to the U.S. dollar set by the Azerbaijani Central Bank remained unchanged. The average rate was established at 0.7844 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 0.7829 manat to 1 U.S. dollar.

Deal concluded last week at BEST comprised: May 19 - $0.948 million, May 20- $2.268 million, May 21 -$3.119 million, May 22 - $1.19 million and May 23 - $ 0.603 million.

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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