Oil prices slip from record high of $46.30

Oil prices eased from new record highs on Monday as victory for Venezuelan President Hugo Chavez in a referendum on his rule eased fears that unrest could upset the country’s oil exports. Fresh disruption to Iraq’s oil exports and warnings that Yukos’ financial crisis could ultimately cut into oil shipments bolstered prices, which have set new records in all but one of the last 12 trading sessions.

US light crude oil for September was down 28 cents at $46.30 a barrel, off an early peak of $46.91 a barrel which was the highest since the New York Mercantile Exchange launched oil futures 21 years ago. Prices have set new records in all but one of the last 12 trading sessions.

London Brent was down 28 cents at $43.60 a barrel, after also hitting a new record at $44.11. Prices made only modest falls following Venezuelan President Hugo Chavez’ survival of a recall referendum, which eased the threat of disruption to the country’s crude exports. Sources said shipments from Venezuela, the world’s fifth-largest crude exporter, were running smoothly. (Reuters)