Venezuelan oil price up 1.59% to USD 102.19

The oil price increased by USD 1.60 with respect to last week's figures (USD 100.59)

Prices climbed amidst favorable economic data recorded in the US and Germany (File photo)

EL UNIVERSAL

Friday August 17, 2012 01:54 PM

The Venezuelan Ministry of Petroleum and Finance informed that the Venezuelan oil basket stood at USD 102.19 by the end of the week, averaging USD 105.50 per barrel so far this year.

The oil price grew USD 1.60 (1.59%) with respect to last week's figures (USD 100.59), when prices rebound and stood at USD 100 by the end of the week.

The ministry outlined that "the weekly average price of other important oils also jumped amid favorable economic data recorded in the US and Germany, concerns over a drop in oil output in the North Sea, and geopolitical tensions in the Middle East."

Regarding other benchmarks, the OPEC basket jumped to USD 110.33 per barrel; WTI, USD 93.79; and Brent, USD 114.75.

Translated by Jhean Cabrera

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The dialogue experience

José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."

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