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state-owned investment corporationof Singapore holds about 0.7%stake amounting to $122 million inBP. BP shares have lost more thanhalf their market value since thespill in the Gulf of Mexico wasunleashed on April 20, the result ofan explosion on a drilling rig thatcaused the undersea well to rupture.BP has said it hopes to raise $10billion from asset sales this year aspart of its plan to fund a $20 billionclean-up fund set up under pressurefrom the U.S.
The price of crude hit almost $56 and shares inBP, which will announce first quarter figures tomorrow, rose 7p to 539p while Shell gained 6p to 478p.