BP Higher Off Takeover Rumors

BP plc (ADR) BP shares are trading higher by $0.83 (2.7 percent) at $34.33 in Friday's session.

Before the open, The Evening Standard reported that Exxon Mobil XOM has gauged major shareholders of BP interest for a potential takeover. Both companies have declined to comment on the rumor.

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Nevertheless, the rumor instigated a higher open that was followed by brief retreat that found support well ahead of the top of Thursday's range ($33.50), as $34.18 stands as the current low for the session.

At this time, the high for the session stands at $34.51. That level is just shy of its February 14 high of $34.61.