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Oil prices rise on uncertainty after Chavez’s death

Posted on 07 March 2013

Oil prices climbed in Asian trade yesterday on uncertainty following the death of Venezuelan President Hugo Chavez, the leader of the major Latin American crude producer, analysts said. New York’s main contract, light sweet crude for delivery next month, added US$0.26 to US$91.08 a barrel and Brent North Sea crude for delivery next month rose US$0.32 to US$111.93 in mid-afternoon trade.
“The impact of the news seems to be minimal at this point in time, but some speculation and risk has been priced into oil futures,” Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore, told reporters………………………………………..Full Article: Source


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