March 6, 2013 10:25 AM

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Oil climbs high in Asia on uncertainty following Chavez's death

Oil prices climbed in Asian trade today on uncertainty following the death of Hugo Chavez, the President of the major Latin American crude producer Venezuela.New York's main contract, light sweet crude for delivery in April, added 26 cents to 91.08 dollars a barrel and Brent North Sea crude for April delivery rose 43 cents to 112.04 dollars inmid-morning trade in Asia.According to the Organization of Petroleum Exporting Countries, Venezuela has the world's largest proven oil reserves.The government says Venezuela produces three million barrels of oil per day, although OPEC says the figure is 2.3million. Oil production accounts for 90 percent of the country's hard-currency revenue.

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