Oil Hits $46 as YUKOS Cuts China Supply
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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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Yukos, the Russian oil giant, is playing a weak hand well in its battle with the Kremlin by cutting its oil shipments to China ahead of a meeting between leaders of the countries this week, analysts said on Monday.
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Oil prices simmered near $55 a barrel  on Friday on rising fears of a winter fuel supply crunch and  robust but slowing economic growth in China, the world's number  two oil user.
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OAO Yukos Oil Co., Russia&#39;s biggest oil exporter, will lower crude-oil deliveries to China National Petroleum Corp. this month and supply no oil in October because the Russian company
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Russia&#39;s embattled Yukos oil giant raised the stakes in its bitter standoff with the Kremlin as the company slashed supplies to China in a move analysts said was designed to cause maximum embarrassment in Moscow.
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NEW YORK -- Oil prices have moved to fresh record highs of almost $47 a barrel on concerns about potential supply disruptions in Russia and Iraq.
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Crude oil futures rose to a record $55.45 a barrel in New York after a report that the Chinese economy grew more than expected. Oil&#39;s rally lifted heating oil to a record and natural gas to a 20-month high.
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Russia promised to sort out Yukos oil deliveries to China ahead of a visit by Chinese Premier Wen Jiabao dominated by the struggling oil major's decision to cut supplies to the energy-hungry Asian giant.
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Opec's president says oil supply is adequate as Brent crude hits a record $46 a barrel and US light crude hovers 4 cents below its all-time record.
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Oil giant Yukos is halting two-thirds of its exports to China because of its financial troubles, a move which could raise oil prices.
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Oil prices spiked today after the Russian oil giant Yukos said it cannot pay wages and that its output could suffer due to a court ruling that froze some of its assets.
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Beijing urged Moscow to pressure embattled oil giant Yukos to honour its commitments to provide China with oil after the company said it was slashing supplies.
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Crude oil prices set fresh records as  US light crude tops $50 a barrel in Asian trade and Brent sticks close to $46.
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U.S. 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.
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Crude oil prices surged to a new high Monday on supply concerns ahead of the winter, a possible petroleum-industry strike in Norway and data showing that China&#39;s big demand for oil is likely to increase.
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CRUDE futures traded near $44 a barrel in pre-holiday trade as another pipeline attack in Iraq followed news that authorities in Moscow effectively re-nationalised the main production unit of Yukos.
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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.