EL UNIVERSAL
CARACAS, Thursday October 22, 2009 | Update
Venezuelan oil basket around USD 74
Economy
President Hugo Chávez announced late on Wednesday that the Venezuelan oil basket averaged some USD 74 per barrel. The ruler added that this evidences that the price of the crude oil is recovering.
He stressed said that the new price means an increase slightly lower than 3 percent, the highest in over a year.
Chávez added that the global oil price is rising as well. He also referred to the performance of the New York Mercantile Exchange (Nymex), where the barrel of oil exceeded USD 81.
The announcement of the Venezuelan leader was made after the Minister of Finance, Alí Rodríguez Araque, said that the closing price of oil was boosted by "the large decline of gasoline inventories and the lower increase in the inventories of crude oil," the state-run news agency Agencia Bolivariana de Noticias (ABN) reported.
On the Cover
IISS: The FARC financed Chávez before 1999
10:07 AM. DIPLOMACY. Admired by the Colombian guerrilla after his coup attempt in 1992, the then lieutenant colonel Hugo Chávez Frías received financial support by the Colombian Revolutionary Armed Forces (FARC) for his projects after his capture that year. This mostly explains the relationship and "debt" between the parties, as revealed by a paper of the International Institute for Strategic Studies (IISS) of the United Kingdom.
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