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BP Shares Up 7% In Early London Trade After Spill-Fund Deal

BP Shares Up 7% In Early London Trade After Spill-Fund Deal 17 Jun 2010 Shares in oil major BP PLC traded up 7% in London early Thursday after the company said Wednesday it was suspending dividends and setting aside GBP20 billion to cover claims relating to its oil spill in the Gulf of Mexico. At 0737 GMT, BP shares were up 6.5%, or 22 pence, at 359 pence... BP struck the agreement with U.S. President Barack Obama at the White House amid intense political pressure spurred by a steady stream of oil spewing into the Gulf and washing up on beaches and marshes. "BP's package agreed with President Obama should cool the politic heat and provide some degree of comfort to equity and bond markets, shareholders and businesses/residents in (the Gulf of Mexico) affected by the Deepwater Horizon accident," Evolution Securities said Thursday in a research note.