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Venezuelan Oil fell to $ 101.47 a barrel

The oil ministry said that expectations of high inventories affected the low oil prices.

EL UNIVERSALFriday April 12, 2013 11:28 a.m.Caracas. - The Venezuelan oil basket was a significant decline of 2.45% in price during the week from 8 to 12 April, remaining at an average price of $ 101.47 a barrel.

The Ministry of Petroleum and Mining said that "the average price of crude ended lower this week due mainly to the expectations of the wide availability of supply in the short-term supply, coupled with lower demand forecasts for this year ".

After this change down the average price of Venezuelan oil for the year 2013 is $ 103.58 per barrel.

Other market benchmark crude as the OPEC basket, the U.S. WTI and Brent also fell in European prices. The OPEC basket fell to $ 102.77 a barrel, to $ 93.68 WTI and Brent fell to $ 105.01 a barrel.

With information from Ernesto J. Tovar

Brent and WTI fell more than 1% in a day full of pessimismTexas Oil closed at $ 93.51 a barrel, while the London market fell to $ 104.27.

EL UNIVERSALThursday April 11, 2013 3:12 PMNew York. - The Texas oil fell 1.19% today to close at $ 93.51 a barrel on a day that the International Energy Agency (IEA) said that prices fell in March for the "renewed pessimism" on the world economy.

At the end of the fourth session of the week on the New York Mercantile Exchange, the WTI futures contract for May delivery, the more maturing, subtracted $ 1.13 from Thursday's close.

According to news agency AFP, the "black gold" halted a rally of three consecutive days after the IEA, which maintained its demand forecasts for 2013, and that weak demand from Europe mainly influenced the downward trend in prices.

The outlook for global demand for 2013 remain at 90.6 million barrels a day, after a rise of 795,000 barrels per day, for an offer that fell by 120,000 barrels a day in March. However, the IEA highlights the apathy of the demand, calling it "exceptionally weak" in the countries of the Organization for Economic Cooperation and Development (OECD), but especially in its European members.

Meanwhile, the price of Brent crude for May delivery fell 1.39% today on the London futures market to close at $ 104.27. The North Sea crude, the European benchmark, ended the session at $ 1.52 International Futures Exchange closing below the previous session, when traded at $ 105.79.

Experts reacted with pessimism to the new recommendations of the IMF on the implementation of expansionary policies to activate the economy, which would lead to increased activity and increased oil demand, Efe reported.

International Market Situationof Oil

Roberto Ariel Castellano

This article presents a brief overview of the international scenerespect to the oil market. In recent years there has been a marked change in price mainly due to conflictspolitical. Various influencing factors have been increased contributioninternational oil, the most important should be mentionedthe dynamism of the world economy whose central axes are U.S.and China, the uncertainty in the Middle East (mainly by actionsterrorists in Iraq) and the decline in Russian oil productionYukos, one of the largest companies in the world.

Evolution of International Oil Price

In order to accomplish this a small time started from thetrend analysis on the future of the so-called second oil crisisCrude oil prices are displayed until the late 80's, whenhistorical levels for which he produced the Iranian revolution and thetraversed it from 1970 until the subsequent Iran-Iraq warpresent. that lasted until 1988. with theglobal economic slowdown, Figure 1 shows thatoil price was corrected to evolution. In the early years of theaverage $ 21 a barrel in 70s' was experiencedDecember 1989. first oil crisis, occurring1in early 1974, the phenomenon is a fact not less than in 1983Otherwise known as the term begins Embargo oilOil. During this decade as "commodity" and the West Texas2fuel prices rose in 18 Intermediate, WTI, begins his negociaveces, from U.S. $ 2.2 a barrel in tion Mercantile Exchange in NewJanuary 1970 to U.S. $ 40.5 in 1979. A York.

In 1991 there is a further increase in 2001. Years later, in 2003, takesoil prices due to the invasion out the American decision to invadeof Kuwait by Iraq-Iraq and develop crude oil climbed to levelsDose the Persian Gulf War and the historical records, reaching in 2004Oil prices rose nuevamen-50 U.S. $ / bbl.you, to $ 36 a barrel. For a present, the contribution of thisprolonged period of nearly eight years the "commodity" is on the rise.price remained at values not too There are multiple factors that comedistant to those experienced in step generating these increases, includingPrior to the Gulf War, swinging by the demand side, growth in Marcharound 20 U.S. $ / bbl.nomic world (USA and China,In the period 1997-1998, as mainly) and the change inresult of the Asian crisis, the price of fuel structure,crude oil was U.S. $ 11 a barrel. while on the supply side, theAfter a series of measures related terrorist attacks in Iraq, the lowswim with increasing level of fees in fuel reserves, thefirst instance and then by reducing political instability in Venezuela, theof those activities by the Russian production problems and4 OPEC produced a barrel of 15 small margin of slackU.S. $ is quoted in nearly $ 35 in late used from OPEC, among others.