BP shares open down 0.6 percent ahead of chairman’s meeting with President Obama

BP shares down ahead of White House meeting

LONDON — Shares in BP PLC have opened lower in London ahead of a meeting between the oil company’s chairman and U.S. President Barack Obama.

Obama has vowed to make BP pay for all of the damage caused by its leaking well in the Gulf of Mexico, and has demanded that the company set up an independently controlled fund to assure that it will pay.

Obama has invited BP Chairman Carl-Henric Svanberg to the White House meeting.

Shares were down 0.6 percent at 340 pence ($5.03) as London Stock Exchange trading began Wednesday. Shares fell as low as 338 pence on Tuesday.