MARKET TALK: BP ADRs Down 8% As US Pressure Heats Up

14th Jun 2010 15:38

[Dow Jones] U.S.-listed shares of BP PLC (BP) -8.3% at $31.16 on renewed fears about the ability of the oil giant to withstand the financial burden and political pressure resulting from the Gulf of Mexico spill. Democratic senators are asking BP to set aside $20 billion just for economic damages. This is on top of the weekend's news that the White House will ask BP to set up an escrow account to cover claims. "If the government is asking the company to put money aside that is definitely going to increase the pressure on BP and that is fueling concerns about bankruptcy," says Phil Weiss, analyst at Argus Research in New York. Transocean (RIG), which owned the rig that exploded on April 20, is also lower, by 3.9%. Anadarko (APC), which is a partner in the Macondo well with BP, is -1.2% at $41.29. ([email protected]) (END) Dow Jones Newswires June 14, 2010 10:38 ET (14:38 GMT)