US Stock Market Move | BP p.l.c. Sponsored ADR(BP.US) rose nearly 3%. The company expects Q2 oil production to increase and trading business to be strong.

On Friday, BP p.l.c. Sponsored ADR (BP.US) rose nearly 3%, reaching $32.43. In terms of news, BP p.l.c. Sponsored ADR stated that it expects oil production to increase in the second quarter, and its oil trading business is also expected to perform well. This will boost the energy giant's efforts to turn around its years of poor performance. The company stated on Friday that production for the three months ending in June is expected to be higher than in the first quarter, as opposed to previous expectations of production remaining steady. Production had declined in the first three months of this year. The company will announce its second quarter earnings on August 5. Its statement was more optimistic compared to the latest announcements from its main competitors Shell (SHEL.US) and Exxon Mobil Corporation (XOM.US) this week.