Oil market
OPEC increased e forecasts on demand for its oil in the 4th quarter of 2007, because in this stage delay in the US economy seems less probable for experts of the cartel. In compliance with the forecast, in the 4th quarter of 2007 the demand for oil will comprise AZN 31.43mln barrels a day, or by 100,000 barrels more than previous estimation, Reuters reports..
Last week the oil futures set up historical maximum amid deterioration of relations between Turkey and Iraq and continuing drop in USD rate. On 16 October the prices of oil futures on Light Sweet for the first time exceeded $87 per barrel and are nearing to next historic ceiling at $88 per barrel. Thus, maximum price of the deal on Light Sweet beat a new record at $87.96 per barrel. Brent oil was sold at $83.54 per barrel. The experts at the market say OPEC almost fully controls the oil market and in the medium and long-term perspective will retain high stable price
Currency market
Last week the official rate of the manat against the US dollar, set by the National Bank of Azerbaijan rose by 0.0002 points or 0.02%. The average rate was established at 0.8505 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 8 and 9 October (0.8506 manats to 1 US dollar), the minimum on 11 and 12 October (0.8504 to 1 US dollar).
As a result of last week's exchange rate of the Azerbaijani manat against the US dollar, established on the basis of results from the Baku Interbank Currency Exchange (BICEX), decreased by 0.0004 points or 0.04%. The average rate was fixed at 0.8500 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 8 October (AZN 0.8503 to 1 US dollar), the minimum on 10 and 12 October (AZN 0.8499 to 1 US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $0.00mln with an average sustained exchange rate of 0.8505 AZN/USD on 8 October, $9.1mln with an average sustained rate of 8.8500 AZN/USD on 9 October, $7.465mln with an average sustained rate of 0.8499 AZN/USD on 10 October, $1.911mln with an average sustained rate of 0.8499 AZN/USD on 11 October and $0.00 on 12 October due to holiday.
No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. No deal with EUR/AZN T+0 was fixed. A deal EUR/AZN T+0 was fixed on 9 October in the amount of AZN 11,966. The average sustained rate was AZN 1,1966 per 1 EUR.
Privatization shares market
In this period the price of vouchers was AZN 15, a drop of AZN 1 . The allocation of privatization vouchers expires on the 1 January 2008.