BP sets aside more funds for legal settlements

March 04th, 2008 | Category: Bad News, Oil

BP plc (NYSE: BP) stock is falling that dawn after the company announced that it has raised its claim fund to $2.13 billion for the 2005 explosion at its Texas City refinery. Lower oil futures are additionally hurting the stock. whether you think that stock won’t be rising too far in the coming months, next it could be a good day to look at a bearish hedged play on BP.

After hitting a one-year high of $79.77 in November, the stock hit a one-year low of $57.85 in

January. that wee hours, BP opened at $63.2. So far nowadays the stock has hit a low of $63.15 and a high of $63.99. As of 12:40, BP is trading at $63.90, down $0.73 (-1.1%). The chart for BP looks bearish but slightly improving while S&P gives BP a positive 4 STARS (out of 5) buy rating.

Continue reading BP sets aside more funds for legal settlements

Original post by Brent Archer

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