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Venezuelan oil soars to USD 97.27
It gained USD 4.50 during the week, according to the Ministry of Petroleum and Mining
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Venezuelan oil prices surged by USD 4.5 (4.8%) in the week of July 16-20, ending at an average of USD 97.27 per barrel, the Ministry of Petroleum and Mining reported. The yearly average price thus far is USD 106.43 per barrel.
"The release at the beginning of this week of favorable economic data in China and the United States, in addition to the geopolitical strain in the Middle East and the upturn of the euro versus the US dollar, were the main factors behind the hikes recorded in the period," the Ministry of Petroleum and Mining elaborated.
The oil basket of the Organization of Petroleum Exporting Countries (OPEC) leapt to USD 101.15 per barrel, whereas the WTI jumped to USD 89.46 and the Brent to USD 104.55.
With reporting by Ernesto J. Tovar
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