Biz Brief: BP Execs to Meet with Obama; Shares Slip
Meanwhile, Bloomberg reports that credit investors are pricing in a more than 39% chance BP will default within five years as it tangles with the Obama administration over cleanup costs. And Reuters reports that Bank of America Merrill Lynch (BAC) has ordered its traders not to enter into oil trades with BP that extend beyond June 2011.
BP shares, after sinking over 45% since the explosion on its Deepwater Horizon rig a month and a half ago, finished Tuesday up 2.4%. In Wednesday's premarket trading, however, they were down more than 3%.