North American markets are expected to rise at the open as concerns about oil prices eased up following Venezuela’s referendum.

Oil prices have retreated from heir new record of US$46.90 a barrel after Venezuela’s Chavez appeared to win a recall referendum, easing fears of a disruption in supply from the world’s fifth-largest exporter.

September crude futures traded at US$46.45 a barrel at midday in Europe.

Closer to home, Statistics Canada said weak demand for new passenger cars in June caused new motor vehicle sales to fall 1.9%. In all, 130,245 new vehicles were purchased in June, down 2,493 units from May.

However, according to preliminary auto industry figures from StatsCan, this drop, the second in a row, was entirely offset by a gain of approximately 2% in July.

Overnight in Asia, Tokyo’s Nikkei Stock Average of 225 issues dropped 69.39 points, or 0.65% to 10,687.81.

In Hong Kong, the main Hang Seng Index fell 140.08 points, or 1.13%, to 12,219.75, on worries that rising oil prices would hurt the global economy.

On Friday, North American markets finished the week on a positive note as solid results from Dell Inc. outweighed concerns over the record high price of oil.

Oil prices surged to a new record above $46 a barrel.

In Toronto, the S&P/TSX 500 composite index rose 40.29 points , or 0.50%, to finish at 8,172.63 — almost unchanged from the previous week.

The junior S&P/TSX Venture composite index added 8.23 points, or 0.56%, to end the week at 1,480.01.

On Wall Street, the Dow Jones industrial average closed up 10.76 points, or 0.11%, at 9,825.35. The S&P 500 Index closed up 1.57 points, or 0.15%, at 1,064.80. The Nasdaq Composite Index rose 4.73 points, or 0.27%, to end at 1,757.22.

For the week, the Dow rose 0.12% and the S&P 500 added 0.o8%, The Nasdaq fell 1.11%.