YUKOS Woes Drive Oil Above $46 a Barrel
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Oil prices hit $46 on Monday after  Russian oil giant YUKOS said it would cut some oil shipments to  China, the first toll on exports from the company's financial  turmoil.
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Oil hit a record high above $79 a barrel on Wednesday, propelled by an unexpectedly large drop in U.S. crude oil stocks that followed only a small output increase from OPEC ahead of peak winter demand.
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World oil prices rose after Russia's largest oil producer, Yukos, said a court ruling "paralyzes'' the company's operations.
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Oil prices pushed above $49 a barrel on Monday, approaching record levels as worries about the stability of supplies from Iraq, Nigeria and Russia compounded concerns over low fuel stocks ahead of winter.
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The price of oil has continued its sharp rise overnight, closing at a record high. The main contract in New York, light sweet crude for delivery next month, has closed at a record $US46.75 a barrel - up 70 cents on yesterday&#39;s close.
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Oil prices Monday scaled back following  last week's sharp gains but found support near $46 for U.S.  crude after Russian oil company YUKOS defaulted on some crude  exports.
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SAN FRANCISCO (CBS.MW) -- Crude futures headed higher Tuesday to close at a new historic level near $47 a barrel, following news that a Russian court has rejected a plea from oil giant Yukos to suspend government efforts to collect a $3.4 billion tax ...
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Oil prices hit $46 on Monday after  Russia's YUKOS suspended some oil exports to China and concern  lingered over storm-related supply disruptions into the United  States.
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Prices were pushed higher by news on Sunday that Yukos had suspended delivery of 400,000 metric tons a month, or nearly 98,000 barrels a day, of rail-borne crude oil exports to China National Petroleum Co.
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WASHINGTON -- Oil prices fell sharply yesterday after briefly surpassing $54 US a barrel despite nagging concerns that the global supply buffer is too thin to handle a significant disruption of output.
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Oil prices jumped more than a dollar,  climbing above $48 a barrel Wednesday after U.S. data showed  the disruption caused by Hurricane Ivan had eaten into fuel  stocks.
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Oil prices rose Monday morning, climbing toward $46 per barrel, after reports that embattled Russian oil giant Yukos suspended some oil exports to China and as traders expect further declines in the US petroleum supply due to production, refining and
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OSCOW, Sept. 2- World oil prices rose on Thursday after Russia&#39;s largest oil producer, Yukos, said a court ruling &quot;paralyzes&#39;&#39; the company&#39;s operations.
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Oil prices have set new record highs above $54 a barrel for US crude, with global supplies hounded by outages that are thwarting efforts to build winter heating oil inventories.
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Crude oil futures steadied at under $46 a barrel Thursday, after healthy US inventory data eased fears about a supply crunch over the Northern Hemisphere winter.
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Oil prices briefly bolted above $45 a barrel yesterday, then retreated toward $44, in a volatile day of trading after Russian oil giant Yukos said its output could suffer because of a court ruling that froze some of its assets.
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US oil prices held above $46 a barrel on Tuesday on worries of a major supply disruption at a time when producers are pumping at full tilt to meet strong demand.