Oil Market
As a result of the last week (8 вЂ" 12 January) Brent oil prices at InterContinental Exchange Futures (ICE Futures) in London dropped 4.8%, while prices of Light Sweet at New-York Merchantile Exchange (NYMEX) fell 5.9%. Since the beginning of 2007 prices of Brent dropped 13.0%, while prices of Light Sweet were down 13.2%.
On Friday, 12 January, the oil prices rose after deep fall on the results of two previous sessions. Increase was promoted by data on possible conduct of OPEC meeting following drop in prices. In this meeting the OPEC ministers can take a resolution on additional cut in oil production.
In 2007 two factors more, which would have negative impact on oil prices, can join the game: 1) rise in demand can be compensated through increase of oil production countries not entering OPEC; 2) cut in oil production by OPEC will bead to increase of its reserve oil producing capacities, which will decrease the risk of violation of oil deliveries related to terrorist attacks, military-political developments, or natural calamities.
Currency Market
As per last weeks results (8-12 January 2007), the official rate of Azeri manat in regards to the US dollar, set by the National Bank of Azerbaijan, grew by 0 points or 0%. The average rate was established at 0.8714 manats per 1 US dollar.
Last week, the maximum rate of the US dollar in respect to the Azeri manat was established on and the same rate and made up 0,8714 manats per USD.
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 0 points or 0%. The average rate was established at 0.8714 manats per 1 US dollar, Trend reports
Last week the exchange rate of manat decreased 0 points (0%). The average rate was fixed at 0,8714 manats per US $1.
Deals concluded last week at BEST with transition to currency (T+0) comprised $,55mln with average sustained exchange rate of 0.8714 AZN/USD on 8 January, $5,831mln with average sustained rate of 0.8714 AZN/USD on 9 January, $13.96mln with average sustained rate of 0.8714 AZN/USD on 10 January, $24.8mln with average sustained rate of 0.8714 AZN/USD on 11 December, and $14.2mln with average sustained rate of 0.8714 AZN/USD on 12 January.
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 79,000 old manats (15.8 AZN). Though money auctions on the sale of shares of state-run enterprises have been held since the beginning of the year, the specialized check auctions and investment competitions which mainly use the privatization check have not been held yet.