Crude edges higher after reports of Chavez's death


Crude edges higher after reports of Chavez's death


NEW YORK -- Crude-oil futures rose slightly following news that Venezuelan President Hugo Chavez had died, underscoring concerns about the future leadership of the country, a major oil exporter.

Light, sweet crude for April delivery rose about 10 cents in electronic trading in the minutes after reports of Mr. Chavez's death. The reports came several hours after open-outcry trading had closed in New York, when trading volumes are typically thin.

The benchmark contract recently traded 69 cents, or 0.8% higher, at $90.81 a barrel on the New York Mercantile Exchange. The contract had already settled for the day at $90.82 a barrel.

2009 meeting with President Obama. U.S. President Barack Obama greeted his Venezuela counterpart Hugo Chávez before the opening ceremony of the 5th Summit of the Americas in Port of Spain April 17, 2009. The meeting signaled a sharp turn in relations with the U.S., a frequent foil of Chavez in earlier years.

2006 UN speech. President Hugo Chávez of Venezuela held up a book by Noam Chomsky as he addresses the 61st session of the United Nations General Assembly at the U.N. headquarters in New York September 20, 2006. During his speech he sharply criticized then U.S. President George Bush, who had spoken the day before, saying the podium "smells of sulfur still."

1992 failed coup attempt. Venezuelan President Hugo Chávez was jailed after being arrested for a coup attempt.

1998 election campaign. Former Venezuelan coup leader Hugo Chávez shakes hands with a supporter during a political rally in a poor residential area of Caracas January 31, 1998. Chavez, whose February 4, 1992 military coup failed and landed him in jail, ran for president on a ticket of radical change. A former member of the Venezuelan military's special forces unit, Chavez said his military training was excellent preparation for politics.

1999 baseball fan. Venezuelan President Hugo Chávez pitches to baseball super star Sammy Sosa in this February 1999 file picture. Cuban President Fidel Castro challenged fellow baseball fan President Chavez to a game in Havana during the summit of Ibero-American leaders in November of 1999. Chavez said he would pitch for Venezuela and Castro will be the manager of the opposing team.

2002 coup attempt. Supporters of President Hugo Chávez cheer through the gates of army barracks in front of the presidential palace in Caracas, April 13, 2002. Troops loyal to Chavez took control of the presidential palace, but the interim president who replaced Chavez in a military coup said he was in control and the deposed leader would soon leave the country. Chavez ultimately survived the coup effort.

2002-2003 strike. Opposition members protest behind a police line in Caracas, December 17, 2002. Thousands of protesters marched to demand the ouster of President Hugo Chávez in the 16th day of a strike that crippled Venezuela's vital oil industry. Chavez eventually broke the strike, replacing the workers with personnel loyal to his regime.

2004 referendum. Venezuelan President Hugo Chávez points to supporters after casting his vote in a referendum on his rule, in Caracas, August 15, 2004. Venezuelan voters were asked whether the president should be recalled from office or continue his current term, which still had more than two years to run. Chavez won the vote and continued to serve as president

2005 expanded control of PDVSA. Venezuelan President Hugo Chávez speaks with his Brazilian counterpart Luiz Inacio Lula da Silva during a ceremony in Planalto Palace in Brasilia September 29, 2005. The presidents of the state oil companies of both countries, Petrobras of Brazil and PDVSA of Venezuela, signed an agreement to construct an oil refinery together in the northern Brazilian state of Pernambuco.

2007 confrontation with Spanish King Juan Carlos. Spain's Prime Minister Jose Luiz Rodriguez Zapatero and Spanish King Juan Carlos gesture during the second working session of the XVII Ibero-American Summit in Santiago November 10, 2007. Spain's King Juan Carlos told Chavez on Saturday to "shut up" during closing speeches by leaders from the Latin world that brought the Ibero-American summit to an acrimonious end. 

Dow Jones Newswires

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