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.

A BP petrol station sign is seen at dawn in west London
A BP petrol station sign is seen at dawn in west London October 25, 2011. Photo: REUTERS

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.

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