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BP Rises on Dividend Cut, Oil Spill Fund

BP shares were higher in London, a day after the oil giant said it wouldn't pay anymore dividends this year and pledged to set aside $20 billion to cover claims related to the oil spill in the Gulf of Mexico.

LONDON (

TheStreet

) --

BP

(BP) - Get Report

shares were higher in London, a day after the oil giant said it

wouldn't pay anymore dividends this year

and pledged to set aside $20 billion to cover claims related to the oil spill in the Gulf of Mexico.

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BP shares rose 6.5% to 359 pence ($5.27) as trading began Thursday on the London Stock Exchange.

BP's American depositary shares finished 1.4% higher Wednesday to close at $31.85.

-- Reported by Joseph Woelfel in New York.

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