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Venezuelan crude closes higher and will be reflected in Yuan from now on

Venezuela's oil ministry said on Wednesday that the country's oil barrel closed at 306.26 yuan (46.75 dollars) and stressed that the prices of this oil will be reflected in the Chinese currency as of this week.

Venezuela's oil ministry said on Wednesday that Venezuela's oil barrel was up 306.26 yuan ($ 46.75) and that prices of this hydrocarbon will be reflected in the Chinese currency as of this week.

"As of this week the average price of the basket Venezuela in Chinese yuan is presented," said a weekly report of the Venezuelan oil portfolio, while advancing the exchange rate it will represent, placing it this week at 6.55 yuan per dollar.

On the other hand, the week last - although the report was published with the dollar as the exchange rate - reflected a rate of 6.52 yuan per US dollar.

In that sense, Venezuela's crude oil price closed this week at 306.26 yuan ($ 46.75), up from $ 46.14 in the previous quarter.

In the same statement, the oil portfolio noted that "the more favorable outlook on world oil demand and reports of lower global production contributed to the strengthening of crude oil prices during this week. "

The average selling price of Venezuelan oil so far this year is $ 43.99 per barrel, a recovery from the average price of $ 35.15 registered in 2016.

The Ministry of Petroleum also reported the behavior of other crude oil prices, including Brent, which rose to 54.5 compared to 53.43 last week.

Also, the price of Texas Intermediate crude (WTI) closed higher as it traded at $ 48.59, compared to $ 48.32 in the period

On the other hand, the OPEC basket saw a rebound from 51.01 to 52.6 dollars a barrel.

The Venezuelan state reported last Saturday that sign public contracts in dollars and will force companies that want to do business with the government to migrate to a "basket of currencies", including the yuan, ruble, rupee and the euro.

Venezuela is one of the main oil exporting countries and has experienced a drop in oil prices that began in September 2014, when was trading at $ 90.19 a barrel.

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