Benzinga | Sep 13, 2021 01:48PM EDT

Why BP Shares Are Rising

Shares of oil companies, including BP plc (NYSE:BP), are trading higher as oil prices gain amid supply concerns caused by Hurricane Ida damage.

Hurricane Ida made landfall in Louisiana as a Category 4 storm Sunday, August 29. The storm caused life-threatening storm surge, dangerous rainfall flooding, devastating winds and tornadoes in the gulf coast and northeast.

BP is an integrated oil and gas company that explores for, produces and refines oil around the world. At year-end 2020, reserves stood at 18.0 billion barrels of oil equivalent, 59% of which are liquids.

BP is trading higher by 2.2% at $25.04. BP has a 52-week high of $28.49 and a 52-week low of $14.74.