EL UNIVERSAL
CARACAS, Friday September 03, 2010 | Update
Due to improvement of economic indicators in the United States
Venezuelan oil up USD 1.6 to USD 66.77
With this result, the annual average price of the domestic oil basket stands at USD 69.53
Economy
The price of the Venezuelan oil basket averaged USD 66.77 per barrel in the week ending on September 3, a USD 1.6 increase compared to last week when it stood at USD 65.17.
The Ministry of Energy and Petroleum reported that "the average price of main oil benchmarks closed higher on Friday compared to the previous week, due to the improvement of some US economic indicators, the unexpected recovery of China's industrial activity and fears about the possible effects of Hurricane Earl on the east coast of the United States."
With this result, the Venezuelan oil basket averages 69.53 so far this year, well above the USD 40 per barrel estimated by the government in Venezuela's budget.
On the Cover
Venezuelan government gives aid to farmers hit by rains
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