Traders throughout the world welcomed BP's settlement of its role in the 2010 Deepwater Horizon explosion Monday as its shares hit their highest level in more than a year.

In New York, BP American Depositary Receipts rose 43 cents to close at $47.96, up 1 percent . The 52-week high is $49.09.

Over the weekend BP officials announced the company expected to pay $7.8 billion to thousands of fishermen and business owners who sued the company following the Deepwater Horizon spill.

Five million barrels of oil spewed into the Gulf of Mexico hurting fishing grounds and the area's wildlife.

The settlement money is expected to come from a $20 billion fund BP set aside to pay for third-party claims. The company so far has paid $6.1 billion to claimant, and could still face penalties brought before the federal court in New Orleans by federal prosecutors.