oil

BP has agreed to inform the US Government of any major business decision which could affect the future shape of the company following the Gulf of Mexico disaster.

BP shares have moved almost 5% higher this afternoon as Libya's top oil official recommended the North African country to buy into the stricken giant.

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Tineke Frikkee grew the dividend on the Newton Higher Income fund by 3.5% in the 12 months to 30 June despite prominent banks, and oil and gas firms slashing their dividends.

BP is understood to be negotiating with China National Offshore Oil Corporation to sell a 60% stake in Pan America.

BP has denied reports from Russia that Tony Hayward is set to stand down.

Barack Obama and David Cameron said stricken oil giant BP should "remain a strong and stable company".

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