Venezuelan oil basket falls to USD 95.86

The country's oil basket is down for the forth consecutive week. It slipped 0.5%

The average price of oil in 2012 is USD 104.24 per barrel (File photo)

EL UNIVERSAL

Friday November 16, 2012 02:40 PM

The Venezuelan oil basket dropped 0.5% by the end of this week, at USD 95.86 per barrel, the Ministry of Petroleum and Mining informed. This is the fourth consecutive week Venezuelan oil prices fall.

The average price of oil in 2012 is USD 104.24 per barrel.

The ministry explained, "Price performance of main oil baskets' was mixed this week amid geopolitical tensions in the Middle East and contradictory news on the global economy."

This week, the OPEC oil basket rebounded USD 1.04 and ended at USD 106.24 per barrel; Brent crude oil rose USD 1.65 reaching the USD 109.46 floor per barrel while the WTI suffered a USD 0.12 setback and ended at USD 85.76 per barrel.

With reporting by Ernesto J. Tovar

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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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