World oil prices have retreated slightly from all-time highs after fears of instability in oil-rich Venezuela eased on news of President Hugo Chavez's comfortable margin of victory in a recall referendum on Monday.

New York's light sweet crude contract for September delivery closed at 46.05 dollars Monday, down 53 cents after surging in pre-market electronic trading to a record 46.91 dollars a barrel.

In London, Brent North Sea crude for September closed at 43.67 dollars, down 21 cents after hitting a record peak of 44.11 dollars.