Oil market
Oil prices almost remained unchanged as a result of the week (20 to 24 August), however auctions were not regular in that period. On 20 and 21 August quotations of oil futures fell, which reflected investors' reaction to decrease in threat of Dean Hurricane in the Mexican Gulf. The hurricane passed around oil fields located in the US's part of the gulf, and approaching to Mexican oil industry objects it dramatically weakened. Whilst Dean was approaching Mexican state oil company of Pemex suspended operations in the most of the fields and closed oil ports. However, due to hurricane's low intensity the results were assessed by analysts as short-time. It became known on 23 August that two of Mexico's three main oil ports restored operations and are discharging oil from Pemex's reserves.
On 22 August weekly reports on US's oil and oil product inventories were publicized. They showed increase in oil and distiller reserves, but also a dramatic decrease in petrol reserves whilst all-time high demand for this fuel variety. According to the US Energy Ministry's calculations, oil inventories increased by 1.9mln barrels up to 337.1mln the week ending in 18 August, what is by 1.8% more than in the same period of 2006.
Currency market Last week (20 - 24 August) the official rate of the manat against the US dollar, set by the National Bank of Azerbaijan rose by 0.0004 points or 0.04%. The average rate was established at 0.85314 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 20 August (0.8534 manats to 1 US dollar), the minimum on 23 and 24 August (0.8530 to 1 US dollar).
По итогам недели биржевой курс маната по отношению к доллару США, 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 0.0004 points or 0.04%. The average rate was fixed at 0.85144 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 20 August (AZN 0.8519 to 1 US dollar), the minimum on 23 August (AZN 0.8510 to 1 US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $9.2mln with an average sustained exchange rate of 0.8519 AZN/USD on 20 August, $2.65mln with an average sustained rate of 0.8517 AZN/USD on 21 August, $6.47mln with an average sustained rate of 0.8511 AZN/USD on 22 August, $7.606mln with an average sustained rate of 0.851 AZN/USD on 23 August and $8.2mln with the rate of 0.8515 AZN/USD on the 24 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 increased by AZN 1 compared to the previous week and made up AZN 12. The allocation of privatization vouchers expires on the 1 January 2008.