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Oil prices race higher again

AFP, London
Oil prices resumed their upwards march yesterday as supply fears persisted despite a lifeline for Russian energy giant Yukos and efforts by OPEC to reassure markets it still has spare output capacity.
Brent North Sea crude oil for September delivery rose 55 cents to 40.25 dollars a barrel in the first few
minutes of trading in London.
The contract had tumbled by 94 cents on Wednesday, just hours after setting a record of 40.99 dollars a barrel.
New York's benchmark contract, light sweet crude for delivery in September, climbed 40 cents to 43.23 dollars in pre-opening electronic deals Thursday. The contract plunged 1.32 dollars on Wednesday, having earlier hit an alltime high 44.34 dollars.
But analysts warned the respite could prove shortlived.
"Onwards and upwards as oil prices head towards 50 dollars," analysts at Barclays Capital told clients.
"The market continues to be dominated by the potential for a severe supply crunch as global oil demand swings up towards its seasonal peak," they added.
Prices had dived on Wednesday after Russian Justice Ministry officials said Yukos could use previously frozen bank accounts to keep running on a daily basis and pay off back taxes.
And the Organization of Petroleum Exporting Countries said that it had surplus production capacity of up to 1.5 million barrels per day (bpd) immediately available.
"OPEC continues to hold, at present, a spare production capacity of around 1-1.5 million bpd, which would allow for an immediate additional increase in production," the OPECNA news service quoted OPEC President Purnomo Yusgiantoro as saying in a statement.
"Furthermore, in response to expected future demand growth in the coming years, member countries have plans in place to further increase
production capacity by around one million bpd towards the end of this year and in 2005," he said.
Prices had soared earlier in the week after Yusgiantoro said OPEC "can't increase supply at this moment".
But the market took little comfort from OPEC's efforts to rein in prices.
"OPEC has finally admitted that it has spare capacity of only 1.0 to 1.5 million barrels a day," said Investec analyst Bruce Evers.
"OPEC is trying to calm down a very nervous market, that's all. Prices are going to remain firm for quite some time."
OPEC members agreed in June to raise its output ceiling by two million barrels per day in July and by a further 500,000 barrels from August 1.
Traders were also keeping a nervous watch on Venezuela ahead of an August 15 referendum there which the opposition hopes will unseat controversial President Hugo Chavez.
Exports from Venezuela, a major oil exporter to the United States, were crippled in 2002 by a strike.
"There is a concern that Venezuelan oil workers go on strike again if Chavez doesn't call for nearer elections," said Evers.
"That would be seriouly bad news. Venezuela produces between 2.2 to 2.3 (million barrels a day), the US being one of the main importers."