BP (NYSE:BP) Will Post First Weekly Gain Since Gulf Spill

BP (NYSE:BP) has already posted its first weekly gain in London since the oil spill in the Gulf of Mexico, and unless the bottom falls out in the afternoon session in New York, that should be the same there.

Shares of BP in London closed at 322 pence, gaining 5.7 percent from the prior week, their largest gain since March.

And even though the stock has started to fall from just before 12:00 PM EDT in New York, it's still poised to gain for the week, standing at $29.05 as of 1:02 PM EDT.

The share price of the stock is still down over 50 percent though since the oil accident began with the explosion on the Deepwater Horizon oil rig.

It wouldn't be surprising to see shares continue to rise as the relief well efforts get closer to completion and are successful in stopping the oil leak.

That's because it's completely uncertain at this concerning the overall liability of BP until it's capped and a better idea of the damage is able to be assessed, including how much oil has in reality spilled into the Gulf. At this time it's only a guess, and there is too much discrepancy between the lower and upper estimates to get a hold on the numbers.