On the 78th day after an explosion killed 11 people and burst an oil well which scientists say is gushing up to 60,000 barrels a day, BP shares were trading just off a two-week high, supported by a brokerage upgrade and reassurance that it had no plans to issue shares to help pay for the spill.
American Depositary Receipts in the company were indicated more than 6 percent higher after the Independence Day holiday.
Shares in BP, which had at one stage lost $100 billion in market value, have drawn some support from talk that it is a takeover target and has approached sovereign wealth funds with offers of a stake to ward off hostile bids.
On Tuesday, a source in the United Arab Emirates added to the speculation sparked by weekend press reports, saying that BP executives had held talks with a number of sovereign wealth funds including ones in Abu Dhabi, Kuwait, Qatar and Singapore.
“BP is seeking a strategic partner so it doesn’t get taken over by other major oil companies such as Exxon and Total,” the source said.
