BP shares bounce back in London after opening lower

BP shares bounce back in London

LONDON — Shares in BP PLC opened 1.2 percent lower Tuesday but returned to positive territory later in the morning — a day after falling sharply.

The oil company’s share price was up half a percent to 357.25 pence ($5.26) around 10 a.m. in London, rebounding from 351 pence in early trading on the London Stock Exchange.

On Monday, shares fell 9 percent in London and 10 percent in New York as the company remained under intense pressure to stop the catastrophic leak of oil from a well in the Gulf of Mexico.

BP has lost 45 percent of its value since the April 20 explosion at the Deepwater Horizon rig in the Gulf of Mexico that killed 11 workers and set off the worst oil spill in history.