BP Stock Sinks Back Near Oil-Spill Low - TheStreet

BP Stock Sinks Back Near Oil-Spill Low

BP shares fall back near a 52-week low in trading on Tuesday morning.
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NEW YORK (

TheStreet

) -- Shares of

BP

(BP) - Get Report

are back to trading near a 52-week low in the pre-market on Tuesday morning, down 2% to $29.74. In London afternoon trading, BP shares are down 5%. The lowest share price BP has reached during the oil spill crisis was on June 9, at $29.

Last Wednesday, after the meeting at the White House and the financial concessions made by BP, including the suspension of the BP shareholder dividend, the oil giant hoped that uncertainty would be removed and market confidence, at least, restored, it not also its public image.

However, it seems that uncertainty is still the rule of the day when it comes to BP shares. Last Friday, several analysts upgraded shares of BP after the testimony of BP CEO Tony Hayward before Congress, judged a low point in the BP oil spill crisis. However, calling a floor value in BP shares remains a dubious enterprise.

The markets looked to open lower on Tuesday morning as the Asian and European markets were down, and the negative sentiment is compounded in the oil spill stocks. In addition to the BP drop,

Anadarko Petroleum

(APC) - Get Report

was recently trading down 2.8% to $42.23 just after Tuesday's opening bell.

BP's costs in the oil spill cleanup and containment effort surpassed the $2 billion mark this week.

-- Reported by Eric Rosenbaum in New York.

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