Price of Crude Oil Crosses $46 in New York

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he price of crude oil futures in New York rose to a record $46.65 a barrel on Friday on speculation a recall vote in Venezuela would disrupt shipments from the fourth-largest supplier to the United States, Bloomberg reported.

By the end of Friday's trading session, crude oil for September delivery fell to $46.58 on the New York Mercantile Exchange, but it was still the highest close since oil began trading in New York in 1983, Bloomberg said.

Prices rose nearly 5% this week and 50% from a year earlier. Futures have set intraday records all but one day since July 30.

n London, the September Brent crude-oil futures contract was up 81 cents, or 1.9%, at $43.10 a barrel on the International Petroleum Exchange. Prices reached $43.30, the highest since the contract began trading in 1988.

Venezuela is expected to hold a referendum Sunday on Hugo Chavez's presidency, Bloomberg said. Oil output, exports and revenue were slashed last year because of a nationwide strike to force Chavez from office.

Venezuelan Energy and Mines Minister Rafael Ramirez said Friday that oil prices would surge if Chavez was recalled because the country's oil workers wouldn't accept his defeat, Bloomberg said.

Venezuela is the third-biggest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia and Iran.

In addition, fighting in Iraq and a legal battle between Russia and OAO Yukos Oil Co. could further limit overall supply, Reuters reported.

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