Oil Market
The oil futures market started the week (19 вЂ" 23 September) with an unprecedented jump in prices, while ended it with a sharp drop. On Monday (19 September) the oil prices at NYMEX climbed up $4, but on Friday (23 September) dropped more than $2. all movement sin e market were linked with the expectation of Rita hurricane, which was nearing from the Mexico gulf region, and estimation of a potential damage, which it could make to the oil and oil refinery industry of the region.
Following the announcements on the threat of the Rita hurricane the futures market was in horror. On Monday the loss of oil production in the Mexico gulf fields, filed linked with the results of Katrina hurricane comprised 55.8% of the normal level, while gas вЂ" 33.8% of the norm.
As of OPEC’s forecasts, presented in the report dated 15 September, in the 3rd quarter the average demand for oil will comprise 28.68 million barrels a day, while in the 4th quarter the demand will increase to 30.30 million barrels. According to OPEC’s estimations, based on data from field sources, 11 ember of the organization, including Iraq, extracted 30,196 million barrels of oil a day in August.
Currency market
Last week rates of Azerbaijani manat grew 6 points in regard to US dollar and made up 4585 manats.
Euro rates started the week at 5771.96 manats per euro, and completed at 5574.9 manats. Thus, it gained 2.94 points. The difference between the maximal and minimal indices was 25.87 points.
Last week official rate of AZM in regard to USD dropped every day at BBVB, while maximal difference between the rates made up 4.74 points.
Aggravate amount of trading sessions (BEST) at BICEX comprised US $14,57m last week. Average daily deals constituted US $2,914m. Maximal rates were fixed on 19 September, comprising US $4.1m. Strong fluctuations were not peculiar to last week dynamic of trading sessions.
Privatization shares market
The prices of privatization shares remained unchanged.