Chavez claims victory, foes cry fraud

A Venezuelan President Hugo Chavez supporter holds a poster (reading "Chavez I am with you) in front of the presidential palace Miraflores, in Caracas yesterday after the recall referendum on Chavez. Venezuelans took to the streets of Caracas yesterday to celebrate Chavez's win in the referendum which was marked by a huge turnout. PHOTO: AFP

Chavez's contested victory eased prices on oil markets Monday. In his victory speech, he vowed oil-rich Venezuela would guarantee stability on world markets.

In Caracas, a large crowd roared its approval as the controversial leader waved from the presidential balcony shortly after electoral authorities announced he garnered 58 percent of the vote to the opposition's 42 percent.

"What a great victory," he said as fireworks lit up the night skies a couple of hours before dawn.

Chavez claimed the vote was "clean and transparent," urged the opposition to recognize its outcome, and invited his rivals to join in efforts to build a more just Venezuela.