Stock Market Alert on British Petroleum (ADR) (NYSE: BP)

British Petroleum, shares are currently trading at $38.00 in the pre-market trading. The current trading price is 3.09% up from Friday’s closing price of $36.86, which is above the 50 day moving average of the company ($35.75). The company’s shares which opened at $36.35, traded comfortably above the $36.4 mark through out the day and ended at $36.860. BP Plc ADR’s have 52 week price range of $26.75 and $62.38, along with 50 day moving average of $35.75 and 200 day moving average of $50.36. The sustenance level and resistance level for the company shares is $35.68 and $37.10.

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BP Plc, today announced that it is due to announce Robert Dudley as the successor for the departing chief executive officer Tony Hayward. BP Plc which ran into rough water with the American government following a leak in its well off Gulf of Mexico has lost around $50 billion in market value and has been subject to sever criticism from the United States government. The company which earlier this month announced a temporary cap to shut the spewing oil well, plans to plug it permanently with cement next month. BP Plc, which is looking to regain its position in the United States, is planning to replace the company’s current Tony Hayward, with Robert Dudley, the U.S director of BP’s oil spill response unit. With the appointment of the new CEO, the company expects to keep things a little more straightforward in the dealing with US administration. The shares of BP Plc, rose with response to the announcement made by the company. The company shares also rose early today to the news of higher petroleum demand during the global economic crisis.

BP Plc, headquartered in London, United Kingdom, is the third largest global energy company in the world. BP is Europe’s largest oil producer and has reserves roughly equivalent to 18.3 billion barrels. The company operates in over 80 countries and provides fuel for transportation, energy for heat and light, retail services. The company operates through two principal segments: Exploration and Production, Refining and Marketing. The company currently has exploration and production activities in Angola, Azerbaijan, Canada, Egypt, Russia, Trinidad and Tobago, Norway, United States and United Kingdom.

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