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Subject: New York oil contract sets new record 43.48 dollars Author: oil_offshore [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 09:35:29 07/30/04 Fri New York oil contract sets new record 43.48 dollars NEW YORK : New York's main crude oil contract surged in opening trade to a new all-time record on persistent concern over output from troubled Russian oil titan Yukos. Light sweet crude for delivery in September rose 73 cents to 43.48 dollars a barrel. Advertisement The market's relief at news that troubled Russian oil giant Yukos can carry on pumping and selling oil proved short-lived. Wednesday, Yukos warned it could halt output within days because court bailiffs had ordered its subsidiaries to halt all operations that would affect the state of its assets. A Russian justice ministry bailiff said Thursday three of the group's key subsidiaries can continue sales and production. But the market feared the saga would drag on. Yukos faces a 3.4 billion dollar tax bill for 2000 that it cannot pay because its assets have been frozen. Additional bills for 2001-2003 could bring that sum to nearly 10 billion -- a figure now greater than the company's market capitalization. - AFP AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence. Copyright © 2004 Agence France Presse. All rights reserved. E-mail this page Print this page [ Next Thread | Previous Thread | Next Message | Previous Message ]