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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (10194)	8/5/2004 10:40:59 AM
From: Haim R. Branisteanu	Read Replies (1) of 116555

Oil prices fell yesterday - benefiting mostly Japan and the US - not exactly to the liking of Putin who practices Lenin theory - therefore Yukos Bank Accounts Frozen After 24-Hour Reprieve (Update2) Aug. 5 (Bloomberg) -- Russia froze the bank accounts of OAO Yukos Oil Co., the country's largest oil exporter, retracting a concession made 24 hours ago and reviving doubts the company can keep pumping crude amid a $3.4 billion tax claim. Yukos shares fell as much as 7.5 percent and crude futures rebounded in New York and London on fears of supply disruptions. Yukos Chief Executive Steven Theede said last week the company may have to halt some oil output this month as the freeze on bank accounts could prevent Yukos from paying for rail shipments that carry a quarter of its production of 1.6 million barrels a day.

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