World oil prices hit new record levels on both sides of the Atlantic today following heavy falls on Wednesday on fears about disruption to supplies from Russia.
Earlier the country's Justice Ministry revoked permission for oil company YUKOS to use its bank accounts to finance daily operations and pay transport fees to ensure oil exports.
New York's benchmark contract hit a high of $44.40 this afternoon, up $1.57 from the previous close. It later eased a little to $44.15. In London, benchmark Brent North Sea oil reached a new record of $41.30 a barrel. Brent regained ground after a fall of almost $1 on Wednesday.
An announcement by YUKOS on Wednesday that Russian bailiffs had allowed it access to its cash reserves to ensure short-term exports had helped knock prices off the peaks.
But Russia's Justice Ministry said this afternoon that permission granted by one bailiff, sent to YUKOS only on Wednesday and made public by the oil firm, was illegal and therefore withdrawn. The company has been battling bankruptcy, with tax debts of $3.4 billion.
