Oil Market
A new trading week started with cut in oil prices of oil future prices. The results of trading sessions on the December futures on 13 November were as follows:
As a result of regular trading sessions at New York Mercantile Exchange (NYMEX), the December contract on delivery of Light, Sweet Crude Oil brand dropped $1.01, or 1.7%, to $58.58 per barrel amid prices fluctuating between $58.25-$59.92 per barrel;
At the London-based Inter-Continental Exchange, ICE, the December futures for Brent oil decreased $0.66, or 1.1%, to $59.05, amid prices fluctuating between $58.54-$60.23 per barrel.
On Friday the natural gas prices rose $0,078, or 1.1%, to $7,157 per million BTU. Last week the gas prices rose 6.3%.
On 1 November 2006 OPEC's resolution on the cut in oil deliveries by 1.3mln barrels a day to 26.3mln barrels a day enacted into law.
Currency Market
As per results last week, the official rate of manat with 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 as 0.87294 manats per 1 US dollar, Trend reports
Last week, the maximum rate of the US dollar with respect to the manat was established on 7 and 8 November (0.8730 manats per 1 US dollar), minimum 6, 9 and 10 November (0.8729) 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 0,0005 points or 0.05%. Average rate was fixed as 0.87246 manats per US dollar.
Last week, the maximum rate of the US dollar in respect to the manat was established on 3 November (0.8728 manats per 1 US dollar), minimum 31 October and 1 November (0.8722 manats per US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $12.27mln with average sustained exchange rate of 0.8727 AZN/USD on 6 November, $13.71mln with average sustained rate of 0.8721 AZN/USD on 7 November, $38.3mln with average sustained rate of 0.8721 AZN/USD on 8 November, $6.1mln with average sustained rate of 0.8728 AZN/USD on 9 November and $4.1mln with average sustained rate of 0.8722 AZN/USD on 10 November.
Due to the absence of appeals, no deal was concluded with Russian ruble and Euros last week. On 10 November an only deal was fixed with USD/AZN T+1 instrument in the amount of 436,250 AZN. The Average sustained rate was 0,8725 AZN per US $1.
Privatization Shares Market
During this period the prices of vouchers were stable and made up 80,000 old manats (16 AZN) in the beginning of the week, while in the end the prices rose 82,000 old manats (16.4 AZN).
