BP shares rise sharply in early trading

Shares of BP rose sharply as trading opened in New York after falling more than 15% a day ago.

Shares of BP rose sharply as trading opened in New York after falling more than 15% a day ago.

In early trading, BP shares gained $2.85, or 9.8%, to $32.05. Yesterday they fell to a 14-year low of $29 during the session.

Investors have become increasingly worried about rising costs facing BP from the oil spill in the Gulf of Mexico.

This week, the Obama administration suggested the oil company should pay unemployment benefits to any oil workers that may be laid off during a moratorium on deep-sea drilling.

BP has already spent more than $1.4bn (€1.15bn) trying to contain and clean up the oil and pay claims to Gulf coast businesses.

BP said today it has strong financial reserves to cover the spill costs.

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