Monday, May 3, 2010

Venezuela Oil Basket Rose $1.42 As Of Fri To $75.16/Barrel

CARACAS (Dow Jones)--The average price for Venezuela's basket of crude oil and refined products rose $1.42 to $75.16 a barrel during the week that ended Friday, the Oil Ministry said.

The ministry said the increase in oil prices was due to positive signs for the U.S. economy and some optimism regarding a plan that would begin to fix Greece's financial problems.

With four months gone, Venezuela's oil basket is averaging $71.79 a barrel in 2010, up from $57.02 a barrel for all of last year but down from 2008's $86.49 average.

-By Dan Molinski, Dow Jones Newswires; 58-414-120-5738;

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