By Mark Shenk
Nov. 7 (Bloomberg) — Crude oil rose above $98 a barrel in New York for the first time on speculation U.S. stockpiles fell for a third week and as the dollar fell to a record low.
Crude-oil inventories declined 1.5 million barrels in the week ended Nov. 2, according to a Bloomberg News survey. A falling dollar increases the appeal of commodities as a hedge against inflation. BP Plc and ConocoPhillips plan to curb output in the North Sea starting tonight before storms batter the area.
“If we get an inventory draw, traders will run with it and send prices to $100,” said Eric Wittenauer, an energy analyst at A.G. Edwards & Sons Inc. in St. Louis. “Prices are also being supported by the North Sea evacuations, which are crimping production. The sharp decline in the dollar has investors flocking to real assets such as oil and gold.”
Crude oil for December delivery rose 92 cents, or 1 percent, to $97.62 barrel at 9:01 a.m. on the New York Mercantile Exchange. Futures climbed to $98.62 today, the highest intraday price since trading began in 1983. Prices are up 66 percent from a year ago.
Brent crude oil for December settlement rose 92 cents, or 1 percent, to $94.18 a barrel on the London-based ICE Futures Europe exchange. Brent reached $95.19 a barrel, the highest since trading began in 1988.
Production at BP’s 80,000 barrel-a-day Valhall field will come to a stop tonight after an evacuation of about 150 workers from the site, BP spokesman Jan Erik Geirmo said. Production from five platforms at ConocoPhillips’ North Sea Ekofisk and Eldfisk fields is also set to halt tomorrow, ConocoPhillips spokesman Stig Kvendseth said.
U.S. Inventories
Stockpiles of distillate fuel, a category that includes heating oil and diesel, fell 450,000 barrels, according to the median of responses by 16 analysts. The respondents were split over whether gasoline supplies rose or fell last week.
The Energy Department is scheduled to release its weekly report on inventories at 10:30 a.m. in Washington.
The U.S. currency slumped to $1.4704 per euro, the lowest since the 13-nation currency debuted in January 1999, before trading at $1.4671 as of 7:15 a.m. in New York.
To contact the reporter on this story: Mark Shenk in New York at [email protected] .;
Last Updated: November 7, 2007 09:19 EST
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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.
