Oil Market
Intensive rise in the oil prices during the trading sessions on 8 December was caused by a next cut in oil deliveries by OPEC and reduction in the Brent deliveries in January 2007. Following the meeting of OPEC Oil Ministers on 14 December in Abuj (Nigeria), the members of cartel are expected to take a resolution on cut in production of oil. Many OPEC countries, including Saudi Arabia, have notified Japan in January 2007 on 8-9% cut in delivery of oil to this country.
On 8 December Brent oil quotations rose more intensively than Light Sweet quotations. More active rise in Brent prices was possible due to reports attacks on oil terminal Brass in Nigeria, where Agip carries out oil deliveries.
Over the past week oil in the urgent market went down $2 per barrel in average Brent oil prices decreased $2.42 per barrel (-3.7%), WTI oil prices (Light Sweet) - $1.40 per barrel (-2.2%).
Official futures prices of REBCO at NYMEX on 8 December went down $0.35 per barrel though no contract with Urals was concluded.
Currency Market
As per last weeks results (4-8 December), the official rate of Azeri manat in regards to the US dollar, set by the National Bank of Azerbaijan, grew by 0,0001 points or 0.01%. The average rate was established at 0.87226 manats per 1 US dollar, Trend reports
Last week, the maximum rate of the US dollar in respect to the Azeri manat was established on 4,5 and 7 December (0.8723 manats per 1 US dollar), minimum 6 and 8 Decemberr (0.8722) 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 0,0001 points or 0.01%. Average rate was fixed as 0.87226 manats per US dollar.
Last week, the maximum rate of the US dollar in respect to the Azeri manat was established on 4, 5 and 7 December (0.8723 manats per 1 US dollar), minimum 6 and 8 December (0.8722 manats per US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $5,521mln with average sustained exchange rate of 0.8723 AZN/USD on 4 December, $12,212mln with average sustained rate of 0.8723 AZN/USD on 5 December, $11,207mln with average sustained rate of 0.8722 AZN/USD on 6 December, $5,505mln with average sustained rate of 0.8723 AZN/USD on 7 December, and $4.9mln with average sustained rate of 0.8722 AZN/USD on 8 December.
Due to the absence of appeals, no deal was concluded with Russian ruble and Euros last week.
During this period the prices of vouchers were stable and made up 82,000 old manats (16.4 AZN).