Crude oil prices rose on world markets Monday as Venezuelan president Hugo Chavez swept back into power. The failure of last Friday's attempted coup led analysts to speculate that Venezuela will be in no rush to increase oil production.

In New York, crude oil for May delivery rose 75 cents US to $24.22 US.

Chavez, one of the most ardent supporters of OPEC's efforts to keep oil prices high, was quick to offer an olive branch to the state oil company, where bitter strikes have hampered production. Chavez accepted the resignations of the oil company's directors he had appointed.

Hugo Chavez: He's back
Hugo Chavez: He's back

It was those appointments back in February that had led to open rebellion at the company, PDVSA. Executives feared the appointments were an attempt by Chavez to control the monopoly, which had been largely running its own show.

Chavez's arrest and supposed overthrow early Friday morning led to a spike in oil prices, as markets bet that his successor would boost production levels to pump more money into Venezuela's coffers. Venezuela is the world's fourth biggest oil producer.