Crude prices have resumed their upward path after the withdrawal of concessions which had looked set to secure supplies from Yukos, the crisis-hit Russian energy giant.

Crude prices fell back sharply yesterday from record highs after Opec, the producers' cartel, reversed previous statements and said that it was able to boost output.

Supply concerns looked to have been further eased this morning when bailiffs charged with collecting £3.6 billion in back taxes from Yukos, Russia's largest oil producer, allowed the company access to frozen accounts, and to funds sufficient to cover basic operating costs and ensure crude exports continued.

However, Russia's Justice Ministry revoked the bailiffs' consent, saying it was not "based on legal norms".

“All funds that have come into [Yukos’s] accounts or will come onto the company’s accounts will be arrested and transferred to the budget as payment for the debt," the ministry added.

Keith Pascall, a trader with GNI-Man Financial, said: "It is very bullish news for the oil market."

September crude futures soared $1.37 to $44.20 a barrel in New York. In London, September-dated Brent crude, which hit a record intraday high of $40.99 barrel yesterday, was $1.25 higher at $40.95 a barrel in late afternoon trade.

Yukos shares, which had soared 10 per cent in early trade, plunged 14 per cent.

Traders say that prices are also being supported by a growing appreciation that the northern hemisphere summer nearing its close, heralding cooler weather and the period of peak demand for many oil products.

Deborah White, the Societe Generale analyst, said: "The problem posed by a demand that outstrips supply capacity is with us well before winter."

John Olaisen, the Carnegie analyst, said: "Oil prices remain high due to worries over tight supplies in the winter."

However, Mr Olaisen added that he expected the market to weaken once the pre-winter surge in demand passed.

"We expect the oil price to go down over the winter, in December, January or February," he said. "Demand will start falling at the beginning of next year."

The outlook concurs with that of Ryanair, which has declined to hedge oil prices at current rates in expectation of a weakening in the market.

Sir Richard Branson, the head of the Virgin empire, which includes the Virgin Atlantic airline this morning highlighted the difficulties in forecasting oil price movements.

"Everybody in every [airline] board room will be sweating at the moment, deciding whether they should hedge at these levels or not," he told Bloomberg.

Virgin Atlantic today announced a £3 billion order for 26 "fuel efficient" aircraft from Airbus, the European aerospace giant.

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