Oil prices slip from highs

LONDON - Oil prices eased from new record highs yesterday as victory for Venezuelan President Hugo Chavez in a referendum on his rule eased fears that unrest could upset the country's oil exports.

By (Reuters)

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Published: Tue 17 Aug 2004, 10:37 AM

Last updated: Thu 2 Apr 2015, 11:45 AM

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 CLc1 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 LCOc1 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. National Electoral Council President Francisco Carrasquero said in a national broadcast that the "No" option opposing Chavez's recall had obtained just over 58 per cent of the vote, while the "Yes" vote obtained nearly 42 per cent. Two pro-opposition electoral officials questioned the result, saying that procedural checks had not been carried out on the results as required. Energy markets have been worried about disruptions to the country's 2.6 million barrels per day (bpd) oil production if a disputed result sparked social unrest.

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