Venezuelan oil extends its rally, climbs to USD 98.02
The Venezuelan oil basket pooled eight weeks with downward prices
Venezuelan Ministry of Petroleum and Mining reported that Venezuelan oil averaged USD 98.02 per barrel the week of December 17-21, 2012.
The price recovered for the first time after eight weeks in a row down the hill. Last week, it finished at USD 95.64 per barrel.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.