Oil Hits New Highs

[jeffrey]

Oil prices vaulted to new highs Friday on worries that financial turmoil at Russia's largest oil company could cut into exports from the No. 2 supplier nation, with oil cartel OPEC already struggling to cool the red hot market.

Oil futures in New York settled up $1.05 to $43.80 a barrel, after hitting $43.85 at midday, the highest level since the futures contract began trading in 1983. In London, Brent crude oil rose 78 cents to $40.03 a barrel.

The gains come amid heightened concern over production from Russian oil giant Yukos, embattled by a huge tax bill. Oil prices were already on the rise because of to fears of terror attacks on Middle East oil infrastructure, sparking worries over inflation in energy consumer nations... [read more at usatoday.com]

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