Official exchange rates, energy markets, and precious metals shifted as the National Bank of Kazakhstan set foreign currency values for November 14 to 16.
Crude prices ticked upward late in the week while finishing lower overall. January Brent futures on ICE Futures traded at 96.49 dollars per barrel, rising 0.67 dollars, or 0.70 percent, by Friday evening. December WTI futures on the New York Mercantile Exchange advanced by 0.30 dollars to 89.04 dollars a barrel. Both benchmarks marked a weekly decline of over two percent, according to market reports.
Earlier in the weekly cycle, Kazinform reported Brent at 95.65 dollars and WTI at 88.35 dollars per barrel, while Russian Urals reached 72.18 dollars per barrel. Meanwhile, Armenpress said that WTI on NYMEX reached 88.56 dollars and Brent on ICE hit 96.29 dollars during the preceding session.
The International Energy Agency adjusted its figures, lowering its global oil demand reduction forecast for the year by 67,000 barrels per day to 2.684 million barrels per day. The agency pegs total world oil demand at 102.29 million barrels daily while raising global supply projections by 920,000 barrels per day to 101.6 million barrels per day, as detailed by Kapital.kz.
Market instability persisted due to ongoing shipping risks in the Strait of Hormuz. Yemen’s Ansar Allah movement stated it launched strikes against the international airport in Riyadh and petroleum infrastructure near Yanbu in Saudi Arabia, followed by a reported drone attack on a pump station along the East-West pipeline, Kazinform reported.
Washington and Tehran continued exchanging statements regarding diplomatic efforts in the Persian Gulf. In Moscow, Russian President Vladimir Putin concluded a meeting with special U.S. presidential envoy Steven Witkoff and Jared Kushner to discuss tripartite talks held in Abu Dhabi, territorial settlements, and humanitarian matters, according to Kazinform.
Cryptocurrency markets saw steeper losses. Bitcoin traded at 68,502.16 dollars after falling 9.46 percent over a 24-hour window, with a market capitalization of 1.38 trillion dollars. Ethereum stood at 1,934.29 dollars following a 13.17 percent decline, bringing its capitalization to 236.70 billion dollars, while total global market capitalization reached 2.3 trillion dollars, Kapital.kz reported.
The official exchange rate was fixed at 444.30 tenge per U.S. dollar following two trading sessions on the Kazakhstan Stock Exchange. Rates for other currencies were calculated using cross-rates established at 17:00 Astana time, with the euro set at 490.91 tenge, the Russian ruble at 5.41 tenge, and the Chinese yuan at 66.59 tenge, as published by the National Bank of Kazakhstan.
