OGJ Newsletter

08/23/2004
Market MovementChávez, markets survive recall electionFear of possible civil strife and disruption of crude production and exports in Venezuela drove US crude futures prices above $46/bbl Aug. 13 for the first time in the contract's history as panicky traders scrambled to cover outstanding sales positions ahead of the Aug. 15 recall referendum election against Venezuelan President Hugo Chávez.Results of the election were delayed when Venezuelan officials were forced to keep polls open until midnight on election day because of heavy voter turnout and polling problems. But by the following day, a partial ballot count put Chávez in the lead with more than 58% of the vote. ...
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