MARKET TALK: BP News Centers On Obama Meeting From 1415 GMT

16th Jun 2010 09:56

0856 GMT [Dow Jones] BP (BP.LN) shares -0.8% at 339p. President Obama Tuesday accused the company of recklessness in an address Tuesday, reiterating that he expects the company to side aside cash to cover costs related to the oil spill. However, says Panmure Gordon, the speech revealed little that was new in the Administration's thinking and it did not specify the amount of money BP is expected to deposit in an escrow account. "This will probably be negotiated when he [President Obama] meets up with the BP chairman [at 1415 GMT]," Panmure says. Meanwhile, Dolmen Stockbrokers keeps a buy rating on BP, but remains cautious for the short term. It says the political pressure the company faces is unlikely to abate until the spill is controlled. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 16, 2010 04:56 ET (08:56 GMT)