Brent oil trading at $74 mark as BP makes well progress

Brent oil prices are trading back near the $74 mark on Monday evening, loosing earlier gains as BP announces that it’s oil well plans this week are making progress and it’s UK share price bounces higher.

In London, Brent crude oil futures for August 2010 delivery was at $74.50 a barrel 18.00 GMT on the ICE Futures Exchange.

BP’s share price bounced higher for a fifth straight day and the latest jump higher comes amid renewed speculation about takeover attempts and progress in stemming the flow of oil from the Gulf oil spill.

However, it seems highly unlikely that BP will find any company willing to takeover the troubled firm at this time when the Gulf oil spill continues unabated.

The producer said it may be able to cut off the flow of oil from the damaged well this week, beginning with a pressure test today.

“What we have to do is maneuver it on top of the connector and then this connector has a latching mechanism. If it goes smoothly it could be done quickly, otherwise it may take the balance of the day.” said Doug Suttles, chief operating officer.