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BP's US shares jump as spill halts

07-16-2010 13:49 BJT

BP says oil has stopped leaking from the blown well in the Gulf of Mexico, for the first time since the spill began. BP's U.S. shares initially jumped after the company made the announcement.

Finally, some relief. For the the first time since oil began gushing in April, BP says a pressure test shows the Gulf of Mexico spill has been halted. BP's U.S. shares initially jumped nearly 10 percent on the news. But, analysts warn it's still too early to celebrate.

Fadel Gheit, Oil analyst of Oppenheimer, New York said "Even with the successful capping of the well. BP's problems are far from over. So investors have to be mindful of that. That its not going to be all good news all the time, there will be setbacks and there will be bad news and there could be government actions that will hurt BP's business and BP's stock price."

Meanwhile, U.S. president Barack Obama also sent the same message.

Barack Obama, US President said "I think it is a positive sign but we are still on the testing phase."

U.S. government scientists estimate that up to 60 thousand barrels of oil were pouring into the Gulf of Mexico every day, creating the worst environmental disaster in U.S. history.

BP's stock has lost about 40 percent of its value since the spill.

Editor:Xiong Qu |Source: CCTV.com

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