9/8/2006 3:19:00 PM
By Ciara Linnane
3:19 PM ET Sep 8, 2006
NEW YORK (MarketWatch) — European shares traded in the U.S. were slightly lower Friday as lower crude prices weighed on the oil majors after BP said lost production at its Prudhoe Bay facility may be restored sooner than expected.
The Bank of New York Europe ADR Index was last up 0.2% at 148.72. The Bank of New York Composite ADR Index was up 0.2% at 147.88.
European markets closed higher earlier, with the German DAX 30 index ended up 0.4% at 5,795, the French CAC 40 index advanced 0.3% at 5,073 and the U.K.’s FTSE 100 index closed 0.4% higher at 5,879.
Oil stocks were lower across the board as crude prices fell below $67 a barrel, their lowest level since late March.
On Thursday, Steve Marshall, president of BP Alaska, told a subcommittee of the House of Representatives that BP could pump out the usual 400,000 barrels a day by the end of October from the Prudhoe Bay oil field, if the U.S. Department of Transportation gives its approval to a series of alternative piping plans.
The oil field has been producing about half its usual output following the discovery of a pipeline leak and corrosion early last month. See related story.
The news comes after Royal Dutch Shell said a platform badly damaged by Hurricane Katrina last year is producing about 20% more oil than before the storm. Chevron Corp. this week announced a major oil discovery that could make it the biggest U.S.
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“All of a sudden, oil seems to be plentiful,” said Edward Meir, analyst at Man Financial in London.
BP ADRs were last trading down 0.2$ at $65.60. Royal Dutch was down 1.3% at $66.65, France’s Total fell 1.3% to $64.16 and Italy’s Eni was down 0.6% at $58.78.
Norway’s Statoil lost 2.8% to $25.32.
In the telecoms equipment sector, Alcatel was up 1.2% at $11.91, a day after shareholders approved its $11 billion takeover of U.S. rival Lucent. Volume leader Nokia was .
Ericsson was up 0.8% at $32.58 and Vodafone rose 0.4% to $21.20.
In the drug sector, AstraZeneca fell 1.2% to $61.40 after Citigroup cut the stock to hold from buy on valuation grounds.
The shares are up 29% in the last 12 months, reflecting steps taken to prevent R&D mistakes and an aggressive external product sourcing and acquisition program; the positive impact of the new CEO David Brennan; the return to robust growth of key driver the cholesterol drug Crestor; continued operational leverage and efficiency, and the commitment to returning cash to shareholders through aggressive dividend increases and share buybacks, said analyst Kevin Wilson.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
