March 5 (Bloomberg) -- Venezuela suspended the right of the country's 24 million people to carry firearms in a bid to damp violence that has claimed the lives of at least 10 protesters in the last week, Defense Minister General Jorge Garcia said.

Garcia said the suspension would start at 6 p.m. (5 p.m. New York time) today and continue through March 14. The restriction was imposed as hundreds of Chavez opponents protested in the capital for an eighth day.

``We want to guarantee the safety of all people,'' Garcia said in a televised news conference.

Ongoing unrest in Venezuela, the world's fifth largest oil supplier, pushed crude prices higher as investors fear that output could be affected. Crude oil for April delivery was up 60 cents, or 1.6 percent, at $37.24 a barrel at 1:30 p.m. on the New York Mercantile Exchange, the highest since March 13, 2003, when US troops massed on Iraq's border. Futures rose as high as $37.22.

The government's action came as opponents of Chavez sought international support to pressure the country's electoral council to hold a recall referendum on Chavez. Venezuela's Ambassador to the UN Milos Alcalay resigned yesterday, saying Chavez is failing to respect the country's laws and constitution.

Hundreds of protesters marched to the headquarters of the Organization of American States, asking it to intervene to end an impasse over the recall vote.

Flag-waving protesters also marched to the Spanish Embassy, urging Spain to condemn Chavez's human rights record after Monday's shooting death of Jose Manual Vilas, a protester who also held Spanish nationality.

Deputy Oscar Perez, who is coordinating the opposition's street marches, said the march was intended to denounce ``the excesses of the Hugo Chavez regime before the OAS.''

Chavez Speech

Chavez, in a televised speech, said he is also looking abroad for support.

``We have proof that the Bush administration is funding and supporting people seeking a coup,'' Chavez said. ``We're not going to tolerate it. We are gong to appeal to international organizations to stop it.''

The OAS and Carter Center are monitoring the opposition's efforts to force a recall on Chavez, who took office in February 1999. Chavez has so far withstood two opposition efforts to dislodge him from power, facing down an abortive coup in April 2002 and then a two-month long nationwide strike last year.

Organizers are hoping to draw more than 100,000 marchers tomorrow in a protest. More than 4,000 police are being mobilized to protect the marchers, opposition leaders said.

Arrest

More than 350 protesters remain in police custody, opposition leaders said. Venezuela's Caracas Stock Exchange called on police to respect the civil rights of its vice president, who is among them.

The Caracas Stock Exchange said in a statement that Vice President Santiago Monteverde was arrested Sunday during protests, and hasn't been released. The exchange said it ``deplores'' the treatment of Monteverde who heads La Primera stock brokerage.

The country's election agency ruled Tuesday that the opposition failed to present enough valid signatures to force a recall vote. The decision may be reversed if more than two-thirds of 876,000 signatures under review -- out of 3.08 million names on the petitions -- are certified later this month. To force a vote, opponents of the presidents need 2.43 signatures.

Venezuela's benchmark 9 1/4 percent bond maturing in 2027 rose 0.75 cent on the dollar to 85.75 cents on the dollar, dropping the yield to 10.95 percent, according to J.P. Morgan as of 1:09 p.m. New York time. The bond's yield has risen from a six- year low of 9.85 percent on Jan. 6.

To contact the reporter on this story: Peter Wilson in Caracas pewilson@bloomberg.net.

Last Updated: March 5, 2004 13:36 EST