LONDON, July 29 (Reuters) - Oil prices fell on Thursday from record peaks after Russia's justice ministry said it would not force embattled oil giant YUKOS to halt sales.
U.S. light crude <CLc1> lost 49 cents to $42.41 a barrel early on Thursday after climbing to a peak of $43.05 on Wednesday, the highest in the contract's 21-year history.
In London, Brent crude oil <LCOc1> fell 43 cents to $39.10 after scaling a 14-year high of $39.68 the day before.
Wednesday's price peaks were driven by the news YUKOS had been told by bailiffs to halt oil sales.
On Thursday, the Russian Justice Ministry said baliffs' writs barring property sales did not seek to halt oil production from YUKOS <YUKO.RTS>, which is facing bankruptcy as courts try to enforce a $3.4 billion tax debt.
"The bailiffs' activities are aimed neither at blocking the bank accounts nor the economic activities of YUKOS' subsidiaries," a justice ministry spokesman said, quoting the head of the bailiffs' department, Andrei Belyakov.
YUKOS, which pumps a fifth of Russian crude, has said it was seeking clarification of whether the order applied under Russian law and that operations were continuing as normal.
Traders predicted that the market would stay well supported by concerns that world supplies are being dangerously stretched by strong global demand growth and are vulnerable to disruption.
Producers' cartel the Organisation of the Petroleum Exporting Countries is pumping at more than 95 percent of capacity, the highest for a quarter of a century.
U.S. government data on Wednesday showed record demand for crude oil as refineries pumped at 97 percent of capacity, absorbing almost all of a record influx of imported crude.
"People seem to want to have bullish news. Any bullish straws in the wind are grasped pretty firmly," said Christopher Bellew of Prudential Bache brokerage. "Any fundamental news there is suggesting supplies are adequate tends to be ignored."
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