The FTSE 100 rallied on Tuesday led by oil giant BP as the pound weakened and investors shrugged off concerns about eurozone economic growth.

Oil giant BP is snapping up BHP Billiton US shale gas assets in a $10.5bn (€9bn) deal.

Oil rallied yesterday after US president Donald Trump’s decision to walk away from a nuclear deal with Iran.

BP’s profits more than doubled in 2017 to $6.2bn (€4.98bn) powered by higher prices and output of oil and gas, allowing the company to resume share buybacks as it recovers from a three-year downturn.

BP shares fell the most among European energy companies yesterday after announcing a charge of about $1.7bn (€1.38bn) as part of the Deepwater Horizon disaster’s class- action settlement.

BP is working on an assumption oil prices will average $50 to $55 a barrel next year as global inventories gradually return to normal levels.

Shares in Rolls-Royce and BP rose as the jet engines maker said earnings were on the up and the oil giant reassured over its debt pile.

BP’s profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill.

Oil giant BP has remained in the red for a second year in a row, but said it hoped 2017 would be its turnaround year amid a bounce back in crude prices.

Oil major BP has approved a $9bn (€8.5bn) investment in its ‘Mad Dog’ project in the Gulf of Mexico, its first major new platform in the region since a 2010 explosion at its Macondo well led to the worst offshore disaster in US history.

Profits at oil giant BP plunged 44% to US$720m in the second quarter.

BP said it could cut capital spending further after reporting an 80% drop in profits in the first quarter of the year, when oil prices touched a near 13-year low.

Embattled oil giant BP posted more hefty losses in the first three months of the year, just two weeks after suffering an investor rebellion over its chief executive's pay deal.

A federal judge in New Orleans has granted final approval to an estimated $20 billion dollar (€17.5 billion) settlement, resolving years of litigation over the 2010 BP oil spill in the Gulf of Mexico.

One of the warning lights that there is too much oil around is no longer flashing, adding to signs that global crude markets are finally on the mend.

BP posted its largest annual loss for at least 20 years and revealed another 3,000 job losses as it continued to count the cost of plunging oil prices.

A former BP engineer has pleaded guilty to a lesser charge and hopes to avoid prison after he was accused of deleting text messages about how much oil spewed into the Gulf of Mexico during the 2010 spill.

For Europe’s biggest oil companies, $60 is the magic number. BP, one of the first companies to predict a prolonged price downturn, has “reset” its business to generate surplus cash flow, with oil at about $60 a barrel by 2017.

Oil giant BP swung to a US$4.2bn loss in the first six months of the year after taking another €9.8bn hit from its Deepwater Horizon disaster and oil prices continued to plunge.

The family of Clodagh Cogley has thanked people for their support as she recovers from horrendous injuries; Chinese puzzled over plan to move 5.5m Hong Kong residents to Derry; The chairman of the Revenue Commission has revealed that it uses Google Maps to help establish the value of houses. Here’s this morning’s irishexaminer.com catch-up.

The US Supreme Court will not hear appeals from energy giants BP and Anadarko Petroleum over the 2010 Gulf of Mexico oil spill.