Barack Obama says BP agrees to $20bn oil compensation

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President Obama has confirmed that the British oil giant BP has agreed to finance a $20bn fund to meet compensation claims from those affected by the Gulf of Mexico oil spill.

Speaking in the White House, he said, however, that the sum of $20bn did not represent a cap on BP's liability, and the fund would not supersede the rights of individuals or states to pursue claims against BP in the courts.

READ MORE: BP to fund $20bn oil spill payout

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