Oil Market
The futures oil prices fell last week (9 13 October). Rise in prices of oil futures on Thursday and Friday reflected the reply of the participants in the market to data on cut fuel mazut reserves in the United States, sudden snowfall in the New York State, cessation of work in two offshore fields in the Norwegian coast and reports on probable meeting of OPEC ministers in the nearest future. As a result of trading sessions on Friday (13 October) the November futures for Brent oil market at InterContinental Exchange Futures rose 76 cents to $59.52 per barrel, while November futures for Light Sweet at NYMEX rose 71 cents to $58.57 per barrel.
On Saturday the OPEC President, Edmund Daukoru, the Nigerian Oil Minister, announced that the representatives of OPEC member-countries will meet on 19 October. Daukoru said that OPEC members agreed upon cut in oil production by 1 million barrels a day. However, still it is necessary to coordinate the production quotes.
Currency Market
As per the last week results, the official rate of manat with regards to the US dollar, set by the National Bank of Azerbaijan, grew by 0,0006 points or 0.06%. The average rate was established as 0.87456 manats per 1 US dollar, Trend reports.
Last week, the maximum rate of the US dollar in respect to the manat was established on October 9 (0.8749 manats per 1 US dollar), minimum October 12 and 13 (0.8743 manats per US dollar).
As per the last week results, exchange rates of the Azerbaijani manat with regards to the US dollar, established on the base of results of the Baku Interbank Currency Exchange (BICEX) increased by 0,0003 points or 0.03%. Average rate was fixed as 0.87366 manats per US dollar.
Last week, the maximum rate of the US dollar in respect to the manat was established on October 12 and 13 (0.8742 manats per 1 US dollar), minimum October 10, 11 and 12 (0.8734 manats per US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $3.1 with average sustained exchange rate of 0.8739 AZN/USD on October 9, $6,960m with average sustained rate of 0.8734 AZN/USD on October 10, $3.393m with average sustained rate of 0.8734 AZN/USD on October 11, $4,750m with average sustained rate of 0.8734 AZN/USD on October 12 and $38,970m with average sustained rate of 0,8742 AZN/USD on October 13.
Due to the absence of appeals, no deal was concluded with Russian ruble and Euros last week
Privatization Shares Market
During this period the prices of vouchers were stable and made up 80,000 old manats (16 AZN).