Yukos Ordered to stop selling oil so this has cut supplies at a stroke!

BAD NEWS folks.

Watchout, for non Oil stocks falling.

Good news for those in Oil of course.

legacy.futuresource.com CHARTS

Light Crude made a new all time high of $42.50 in the last hour.

phew!!!!!!!

Yukos has not stopped selling oil;

U.S. light crude rose $1.21 to $43.05 a barrel -- topping peaks hit in early June and the highest price since the New York Mercantile Exchange launched the contract in 1983. London Brent crude rose $1.06 a barrel to $39.60 a barrel, its highest level since October 1990, ahead of the first Gulf War.

Prices jumped after a company source said Russian bailiffs told YUKOS' four production units, which together pump 1.7 million barrels a day of oil, to halt sales of property -- including oil.

YUKOS said it had not complied with the order and was continuing to operate while it sought clarification of what chief executive Steven Theede called a "misinterpretation".

YUKOS has said it faces imminent bankruptcy as courts seek to enforce a $3.4 billion tax debt for 2000.

A halt to sales would hasten the collapse of the company, which pumps around 20 percent of Russian crude supply. Russia is the world's second biggest oil exporter behind Saudi Arabia after five years of rapid production growth.

Theede has asked for access to YUKOS frozen bank accounts to avoid a production halt later this week.