Oil prices eased Monday from recent record highs on news Venezuelan President Hugo Chavez emerged victorious from a recall referendum Sunday.

The September contract for light sweet crude oil was down US3¢ a barrel at US$46.55 on the New York Mercantile Exchange. Trading in the September contract ranged a low of US$46.20 to a high of US$46.91 a barrel.

Chavez’s victory apparently eased concerns about supply disruptions from Venezuela, the world’s fifth-largest oil exporter.

With 94% of the vote counted, National Elections Council president Francisco Carrasquero said early Monday, nearly 5 million Venezuelans cast ballots indicating Chavez should continue in his job, compared with 3.6 million who wanted him removed from office.