Dynamics of changes in some economic segments
As a result of the auction held on 29 October 2007, NYMEX's December contract on WTI oil went up $1.67 comprising $93.53 PB.
At the InterContinental Exchange Futures, the price for the contract on Brent Crude oil rose by $1.63 making up $90.32 PB.
The storm raging in the Mexican Gulf made the Mexican state company of Petroleos Mexicanos (Pemex) suspend export transactions and decrease oil production by 600,000 barrels a day.
Meanwhile, dollar rate dropped to its next record minimum and made up $1.4426 to €1. Dollar's weakness is favourable for all raw materials calculated in USD. According to OPEC members, decreasing dollar rate causes rise in oil prices, for oil producing countries sell oil in dollars and purchase other necessary products in euro. Moreover, dollar prices have to rise in order to correspond with the genuine cost of raw materials. Low dollar rate will dramatically decrease oil prices to the countries using other currencies. According to analysts, this year the price for WTI oil increased 53% in USD, 40% in euro, and 45% in pound sterling.
Tensions between Iraq and Turkey proceeding from the actions of the Kurdish militants based in the north of Iraq, as well as aggravation of the relations between the United States and Iran, still profoundly boost oil market.
Last week (22 - 26 October) 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 AZN 0.8498 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 22 and 23 October (0.8499 manats to 1 US dollar), the minimum on 25-26 October (0.8497 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 0.0001 points or 0.01%. The average rate was fixed at 0.84926 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 22-24 October (AZN 0.8493 to 1 US dollar), the minimum on 25-26 October (AZN 0.8492 to 1 US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $1.85mln with an average sustained rate of 8.8493 AZN/USD on 22 October, $2.55mln with an average sustained rate of 0.8493 AZN/USD on 23 October, $6.05mln with an average sustained rate of 0.8493 AZN/USD on 24 October, $6.65mln with an average sustained rate of 0.8492 AZN/USD on 25 October and $5.685mln with the rate of 0.8492 AZN/USD on 26 October
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.
Privatization shares market
In this period the price of vouchers dropped by AZN 1 to AZN 14. The allocation of privatization vouchers expires on the 1 January 2008.