Oil market
Early last week (12 вЂ" 16 September) the oil prices dropped under the pressure of the forecasts and suppositions that the transcendental prices of fuel would negatively impact on demand.
In compliance with the International Energy Agency’s (IEA) plans, the Economic Cooperation Organization (ECO) member countries should supply $60m barrels of oil and oil products to the US market out of their strategic reserves in September to soften the energy results of the Katrina hurricane. The volume includes 30 million barrels of oil from US strategic reserves. In compliance with the IEA plans, the Energy Ministry offered the oil companies submit appeals on purchase of �strategic’ oil.
BP was one of 6 companies which appealed for oil in the first days of the hurricane, while it makes logistic estimation and is still to decide whether to purchase 2 million barrels of oil allocated on loan basis. The same time BP was one of the companies, which appealed for purchase of oil out of strategic reserves.
Currency market
Last week rates of Azerbaijani manat grew 9 points in regard to US dollar and made up 4617 manats.
Euro rates started the week at 5706.09 manats per euro, and completed at 5760.86 manats. Thus, it dropped 54.57 points. The difference between the maximal and minimal indices was 109.31.
Last week official rate of AZM in regard to USD dropped every day at BBVB, while maximal difference between the rates made up 11.95 points.
Aggravate amount of trading sessions (BEST) at BICEX comprised US $8,240m last week. Average daily deals constituted US $1.648m. Maximal rates were fixed on 1 September, comprising US $4.66m. Strong fluctuations were not peculiar to last week dynamic of trading sessions.
Privatization shares market
The prices of privatization shares remained unchanged.