Oct. 30 (Bloomberg) -- Crude oil traded little changed near a record around $93.50 a barrel in New York after Mexico shut a fifth of its production and the dollar fell to an all-time low.

State-owned Petroleos Mexicanos, or Pemex, halted about 600,000 barrels a day of output as a storm passed through the Gulf of Mexico, spokesman Carlos Ramirez said yesterday. The dollar dropped to $1.4438 per euro, the weakest since the introduction of the 13-nation common currency in 1999.

``Of all the times for them to be shutting in so much production, it's pretty shocking,'' said Chris Mennis, owner of oil broker New Wave Energy LLC in Aptos, California. The stoppage adds to concerns about potential supply disruptions at the ``international choke-points'' such as the Middle East, he said.

Crude oil for December delivery was at $93.45 a barrel, down 8 cents, in after-hours electronic trading on the New York Mercantile Exchange at 7:48 a.m. Singapore time. Yesterday the contract rose $1.67, or 1.8 percent, to close at a record $93.53 a barrel. Futures climbed to $93.80 earlier in the session, the highest intraday price since trading began in 1983.

Gale-force winds from a weather system between Florida and the Yucatan peninsula are whipping up an 8-to-10-foot swell in the Gulf of Mexico, according to the U.S. National Hurricane Center. Gale conditions are due to ``increase slightly'' Monday evening local time, before subsiding, it said in a 4:05 p.m. report on its Web site.

There are no named tropical storms in the Gulf, and one near Cuba, called Noel, is expected to twist northwards and avoid the Gulf.

Pemex Output

At least 21 workers died last week when a rig hit an offshore platform in the Gulf of Mexico during a storm that produced waves as high as 26 feet and wind gusts of 81 miles per hour.

Pemex plans to resume production early today local time once ports in the Gulf of Mexico re-open, Ramirez said in a telephone interview from Mexico City. The wells should be at full production by the end of the day, he said.

The U.S. imported an average 1.45 million barrels of crude oil a day from Mexico during the first eight months of the year, making the country the second-biggest source of U.S. imports, according to the Energy Department.

The dollar fell before reports that economists forecast will show declines in housing prices and consumer confidence, bolstering speculation the Federal Reserve will cut borrowing costs this week. A lower dollar makes oil relatively cheaper in the countries using other currencies.

Turkey, Iraq

Tensions between Turkey and Iraq over Kurdish militants as well as over Iran's nuclear program are helping drive oil prices higher. Iran and Iraq hold the world's second- and third-biggest crude oil reserves, after Saudi Arabia, according to BP Plc.

Still, there's no immediate threat to oil production in the region and it's difficult to justify prices so high, said Gerard Burg, a minerals and energy economist at National Australia Bank Ltd. in Melbourne.

``It's a surge of momentum trying to push prices up toward $100,'' Burg said. ``It's a sentiment-led rally. In my mind there's nothing to justify prices even in the $90s,'' he said.

Brent crude oil for December settlement yesterday gained $1.63, or 1.8 percent, to settle at a record $90.32 a barrel on the London-based ICE Futures Europe exchange. Brent reached $90.49 during the day, the highest since trading began in 1988.

To contact the reporter on this story: Angela Macdonald-Smith in Wellington at amacdonaldsm@bloomberg.net

Last Updated: October 29, 2007 19:57 EDT