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Oil prices rise as Yukos cuts China supply

AFP, London
Oil prices climbed on Monday following news that Russia's embattled oil giant Yukos has partly suspended deliveries to China and concerns about the impact of hurricanes on Us supplies, traders said.
The price of Brent North sea crude oil for delivery in November rose 20 cents to 42.65 dollars per barrel in early deals, the highest level since August 23.
It had climbed 63 cents to 43.08 dollars in pre-opening electronic trading, the highest level since August 23.
On the New York Mercantile Exchange, light sweet crude for October delivery climbed 21 cents to 45.80 dollars in electronic deals.
Yukos said Monday it was slashing its oil shipments to China, suspending deliveries to the China National Petroleum Company, because of difficulty in paying for transport costs.
A Yukos spokesman told AFP that CNPC, which accounts for 60 percent of Yukos's oil sales to China, was informed Friday of the suspension of deliveries, which would take full effect on september 28.
"Prices are up because of Yukos and the Us stocks (supplies)," GNI Man-Financial trader Robert Laughlin said.
"The Us stocks are a big concern as there is still news that oil imports in the Us could be disrupted by the hurricane."
The Us Energy Department reported last week that crude oil inventories, or stocks, tumbled by 7.1 million barrels to 278.6 million in the week to september 10, reaching the lowest levels in nearly seven months.
Traders fear further falls in the wake of Hurricane Ivan.
Crude oil futures shot higher Friday as traders assessed the impact of Hurricane Ivan on supplies in the Us Gulf coast.
In New York, prices surged 1.71 dollars to 45.59 dollars, closing above 45 dollars for the first time in nearly a month.
Brent North sea crude rose by 1.70 dollars to 42.45 dollars.
societe Generale analyst Frederic Laserre on Monday predicted that prices could head towards record high levels of almost 50 dollars per barrel seen in New York last month should Iraq add to current supply worries.
"If in addition we see accidents in Iraq, we will return towards the (price) levels that we saw in August. That is certain," he said.
Key pipelines in Iraq have been hit by a series of sabotage attacks in recent weeks, forcing production to be halted.
There were worries that tropical storm Jeanne, which has killed at least 50 people in Haiti, could further disrupt Us supplies.
"Tropical storm Jeanne is now heading for the (Us Gulf) region and could further delay imports," said analysts at the sucden brokerage firm.
As for Yukos, "the fear of the market is that the problem could spread to other countries than China and we could see the end of Yukos as we know it. The market is very nervous", Laughlin said.
China is increasingly turning to oil imports due to strong domestic demand with total consumption expected to reach 308 million tonnes this year, the International Energy Agency has said.
Yukos, the largest oil producer in Russia, has been the sole provider of Russian oil to China but the company's financial difficulties have raised doubts about its capacity to continue.