Yukos sends oil prices soaring

Oil prices hit $46 on Monday after Russia’s Yukos suspended some oil exports to China and concern lingered over storm-related supply disruptions into the United States.

US light crude was up 6 cents at $45.65 a barrel by after lunch after hitting $46.35, barely $3 below record peaks struck in August. London’s Brent crude was steady at $42.45 a barrel.

Russia’s biggest oil exporter, Yukos, said at the weekend it had suspended some rail deliveries to China, the first sign of supply disruptions at Yukos due to its financial problems.