Oil market
Last week the dynamic of prices of oil futures followed the dynamic of stock markets. Thus, on 16 August, the prices of oil futures dropped by 3%, which was linked with the threats of drop in demand for energy resources due to delay in growth rate of world economy. Oil prices at urgent market dropped sharply along with essential drop in prices of different commodity resources, particularly, metal. Threats of possible drop in world economy resulted in next collapse of the stock market caused by indefiniteness in mortgage crediting in the United States.
The lowest futures prices of Light, Sweet Crude Oil (September) since 29 June 2007 were fixed after on 16 August at the NYMEX. The price of futures dropped by $2.33 (-3.2%) to $71.00 per barrel amid prices of trading sessions fluctuating between $70.10 and $73.14 per barrel.
Official futures price of IPE Brent Crude fell by $2.22 per barrel (-3.1%) to $69.42% (the lowest indicator since 12 June 2007) amid prices of trading session fluctuating between $68.87-$71.25 per barrel at London exchange.
On 17 August futures prices of Brent and Light Sweet increased considerably. Since the beginning of the day oil prices went up by $1 per barrel.
Currency market
Last week (13 - 17 August) the official rate of the manat against the US dollar, set by the National Bank of Azerbaijan fell by 0.0002 points or 0.02%. The average rate was established at 0.85358 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 13 August (0.8537 manats to 1 US dollar), the minimum on 16 and 17 August (0.8535 to 1 US dollar).
As a result of last week's exchange rate of the Azerbaijani manat against the US dollar, established on the basis of results of the Baku Interbank Currency Exchange (BICEX), decreased by 0.0008 points or 0.08%. The average rate was fixed at 0.85182 to 1 US dollar
Last week the maximum rate of the US dollar against the manat was established on 13 August (AZN 0.8523 to 1 US dollar), the minimum on 17 August (AZN 0.8515 to 1 US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $8.367mln with an average sustained exchange rate of 0.8523 AZN/USD on 13 August, $8.274mln with an average sustained rate of 0.8516 AZN/USD on 14 August, $5.65mln with an average sustained rate of 0.8519 AZN/USD on 15 August, $1.805mln with an average sustained rate of 0.8518 AZN/USD on 16 August and $11.127mln with the rate of 0.8515 AZN/USD on the 17 August
No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. The banks did not make appeals for RUB/AZN and EUR/AZN instruments at BEST.
Privatization Shares Market
In this period the price of vouchers remained unchanged as compared to the previous week and made up AZN 11. The allocation of privatization vouchers expires on the 1 January 2008.