Oil market
The beginning of the new trade week at the futures market was marked by a further rise in oil prices. On 26 March the oil futures prices increased, despite the prices beat record of the last three months.
On 26 March the results of trading sessions on the contracts for the nearest months were as follows:
- the futures on Light Sweet oil at New-York Mercantile Exchange (NYMEX) rose 63 cents (+1.0) and comprised $62.91 per barrel amid prices fluctuating between $62.34-$63.30 per barrel;
- Brent oil prices at InterContinental Exchange Futures (ICE Futures) in London increased $1.23 (+1.9%) and comprised $64.41 per barrel, amid prices fluctuating between $63.33 -$64.63 per barrel;
Currency market
Last week the official rate of the manat against US dollar, set by the National Bank of Azerbaijan was stable and made up 0.8676 to 1 US dollar. It is explained by holidays, though rise in rates were observed in some exchange places. A the same drop was observed in the USD rates in respect to Russian ruble.
Meanwhile, the National Bank of Azerbaijan forecasts the maintenance of the consolidation of the national currency with respect to USD in 2007 as minimum in the level of 2006. as a result of last week manat has become consolidated 5.14%, from 0,9184 manats at the beginning of the year to 0,8714 manats at the end of 2006. At present official rates of manat is 0,8675 manats, while at exchange places it fluctuates between 0,8710 and 0,8714 manats.
Drop in rate of manat are linked with seasonal characters, while the NBA forecasts intensification of the growth rate of manat from the end of March.