This is how oil prices started Tuesday in different markets

(Caracas, July 10, News24) .- Prices of oil indicators have continued to rise, given reports of slowing US refining plants , d and substitutions in China and operational resistance in the oil market in South Korea

WTI, marker and benchmark for the New York market, increased its price by US $ 0.35, placing the price from barrel to US $ 74.42

Brent, the crude oil that serves as a benchmark on the London market, increased its price by US $ 1.44, setting the price of its barrel at US $ 78.80 the barrel

The price of the OPEC basket adjusted its price to 0.71 US $, placing the average price per barrel of the crude oil basket, representative of each one of the fifteen countries, which make up this organization export, at US $ 75.21.

The price of Venezuelan crude oil, for the 6th of July, the day Petróleo deputy delivered the data of the price at which he was quoted and sold the Venezuelan blend during the last week, was 461.76 Y. per barrel. Our oil is traded in yuan, unlike what happens on the international market, where the US dollar reigns.

This behavior in prices is a consequence of the information that speaks of the inability of North America to refine the new volumes of crude oil from the producing areas of oil fracking unconventional. This type of oil has become more complex in its handling and requires special safety requirements, which increases the operating costs.

China, for its part, has chosen to replace the oil it has acquired in the US, with Iranian crude, in a turning point in its trade dispute with North America, that will require additional pressures on the US energy market, losing the second-largest importer.

It was finally discovered that the government of South Korea is negotiating with the Trump government, setting exceptions to the restrictions on the purchase of Iranian crude, given that the impact on Korean fiscal policy would be significant South Korea buys about 300,000 barrels of oil a day from Iran and its replacement by crude oil from other countries is not feasible in the short term, without affecting public finances.

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