Oil soars to new high

Crude oil prices shot to new highs Wednesday as markets reacted to a threat by Russian authorities to shut down most of the production from that country’s largest oil company.

September contracts of U.S. light crude spiked 3 percent higher to $43.05 a barrel on the New York Mercantile Exchange — the highest level since the exchange began offering the light, sweet crude contract in 1983. Prices eased slightly later in the day to $42.90, up $1.06 from Tuesday’s close.

Russian-based Yukos, battered by a gigantic overdue back taxes bill, said it might have to halt its main production units within a few days because of a bailiff’s order. Yukos officials repeatedly have warned that the company, which produces 2 percent of the world’s oil, is being driven toward bankruptcy.

Overland Park

Applebee’s earnings up

Overland Park-based Applebee’s International Inc. on Wednesday reported a 40 percent increase in earnings, despite having to write off $2.3 million for a bad batch of riblets.

The nation’s largest casual dining chain, with 1,612 restaurants, reported making $28.2 million, or 34 cents per share, during the second quarter, which ended June 27. By comparison, the company reported earnings of $20.2 million, or 24 cents per share, during the same period last year.

Retail

Real estate speculation fuels rise in Kmart stock

Shares of Kmart Holding Corp. continued to rise Wednesday after a report earlier this week fueled speculation the company would undertake a strategy of selling many of its stores during the next five to 10 years.

A report by analysts from Deutsche Bank said Kmart’s real estate holdings could be worth as much $150 per share for investors. On Tuesday that sparked a 14 percent increase in Kmart’s share price. On Wednesday, investors pushed the stock up another 1.3 percent to close at $74.19.

Kmart officials declined to comment on the report or speculation that it would begin selling off more of its stores. Kmart operates a distribution center in Lawrence.