Energy giant BP rose nearly 3% today after its second-quarter trading update indicated stronger oil trading performance and a reduction in net debt, offsetting weaker upstream production and a $1bn charge related to parts of its energy-transition business.

The FTSE 100 company said upstream production was expected to fall to between 2.17 million and 2.22 million barrels of oil (boe) equivalent a day from 2.34 million in the first quarter, citing seasonal maintenance in the Gulf of America and disruption in the Middle East.