Including this week's prices, Venezuelan oil averages USD 49.21 per barrel so far this year, way below the value of USD 88.42 recorded in 2014, and USD 98.08 in 2013.

OIL

Venezuelan oil loses USD 1.75 this week

The price of Venezuelan oil hit USD 41.40 this week

The price of the OPEC oil basket also declined (File photo)

EL UNIVERSAL

Friday August 14, 2015  04:13 PM

The price of the Venezuelan crude oil continued on a downward trend and ended at USD 41.40 per barrel this week; losing USD 1.75 from last week, when it stood at 43.15, informed the Ministry of Petroleum and Mining.

"Average prices of main benchmark crude oils declined as a result of continuous oversupply in the market, as well as concerns over the performance of the Chinese economy," the ministry said in its weekly report posted on its website.

The price of the Organization of Petroleum Exporting Countries (OPEC) oil basket also declined from USD 48.36 to USD 47.26.

Including this week's prices, Venezuelan oil averages USD 49.21 per barrel so far this year, way below the value of USD 88.42 recorded in 2014, and USD 98.08 in 2013.