BP, Transocean shares shrug off U.S. oil spill report

Share in BP and Transoceanic rose on Thursday as investors bet a novel U.S. Presidential panel tale that spread the blame for the countries worst-ever oil spill meant the firms would shun the enormous costs of a gross neglect charge.

BP's London-listed share was up 1.6 percent at 507.6 pence at 1100 GMT (6 a.m. ET), while shares in Transocean's Swiss-listed shares were up 3.9 percent. The STOXX 600 European oil as well as gas sector index was up 1.2 percent, on higher oil prices.

One top 10 shareholder in BP said the fact that the blame for the binge was shared with drilling service provider Transocean and well cementer Halliburton optional the London-based oil chief was less likely to face gross disregard charges.

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