President Cristina Kirchner's plan to seize a majority stake in oil company YPF SA, owned by Repsol YPF of Spain, is causing diplomatic tensions with Spain and the European Union.
Oil prices: Americans will spend more than $448 billion on gasoline this year. Rise in oil prices also means more than $1 trillion for OPEC.
ConocoPhillips shares jump almost 10 percent in premarket trading
Industry analysts say seeking protection under the bankruptcy law now won't help BP pay its US workers and retirees, nor the cleanup from the Gulf oil spill.
If the global economy slows, oil prices will fall. But probably not until after March.