Venezuela’s weekly oil basket price fell further back below $40 as oil prices around the world slipped and as the crucial U.S. market remained well supplied. According to figures released by the Venezuela Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending October 30 was $38.64, down 83 cents from the previous week’s $39.47, when it had tumbled $2.02. WTI in New York averaged $44.76 — down $1.24 — for the week, while Brent crude traded in London averaged $48.04 — down 70 cents from the previous week. According to Venezuelan government figures, the average price in 2015 for Venezuela’s mix of heavy and medium crude is now $46.93 for the year. Venezuela’s average oil price for 2014 was $88.42, down from 2013’s $98.08, 2012’s $103.42 and 2011’s $101.06, but higher than 2010’s $72.43, and much […]