Oil Tops $48 After U.S. Inventories Dive

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FlorianPascale:

Oil Tops $48 After U.S. Inventories Dive

 
22.09.04 19:35
Oil Tops $48 After U.S. Inventories Dive
hxxp://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6306849

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LONDON (Reuters) - Oil prices jumped more than a dollar, climbing above $48 a barrel on Wednesday after U.S. data showed the disruption caused by Hurricane Ivan had eaten into fuel stocks.
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Russian oil major YUKOS (YUKO.MM: Quote, Profile, Research) , which is struggling to pay a $3.4 billion tax bill, on Wednesday was forced to cut production.

Its main subsidiary Yuganskneftegaz cut output by 35,000 barrels per day (bpd), or two percent of YUKOS' production, after a power firm switched off supplies for non-payment, Interfax news agency reported

China's avoricious demand keeps on growing as yesterday's AP reported

SHANGHAI, CHINA - China's crude oil imports jumped 37.4 percent in August to 70 million barrels, the government reported Tuesday.

hxxp://www.chron.com/cs/CDA/ssistory.mpl/business/energy/2808656

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