MARKET TALK: BP Sinks Before Open Of Wall Street

15th Jun 2010 14:34

1334 GMT [Dow Jones] BP share -2.5% at 347p, falling back into the red around the open of US markets, having traded positively earlier in the session. Traders are attributing the fall to reports that it is lining up a GBP5B fund to help meet costs of the Gulf oil spill. A trader says the figure would be a 'drop in the ocean' with regards to the $20B Democratic senators want the company to set aside for clean-up and other costs. Other traders are also attributing the stock's fall to US traders getting to their desks and the fact that there are plenty of unknowns weighing, including the upcoming Senate grilling and meeting between President Obama and the chairman. No one at BP was immediately available to comment. Earlier, the shares reached an intraday high of 362.6p on London's FTSE 100.([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 09:34 ET (13:34 GMT)