BP gave the FTSE 100 Index a shot in the arm as its shares closed at a five-month high after the oil giant promised shareholders most of the proceeds from a major asset sell-off.
The company's shares rose 6%, contrasting with a decline of 2% for Lloyds Banking Group after it announced another £750 million in PPI mis-selling provisions.
BP's surge helped the wider FTSE 100 close 48.9 points higher at 6774.7 as investors also continued to bet that US policymakers will resist the temptation to start tapering their bond purchase programme in tomorrow's decision.
The Dow Jones Industrial Average on Wall Street was 0.6% ahead at the time of the market close in London, with some traders now expecting the Fed to maintain its asset-buying drive until next March.
In currency markets, the pound fell against most currencies amid speculation that UK economic data on house prices and manufacturing production due later this week will show a slight slowdown in October.
This would come as a dose of reality after last week's figures showing the best growth for three years in the third quarter.
Sterling fell to 1.60 US dollars and 1.17 euros.
BP's influence on the performance of the top flight was significant after it posted a smaller than expected decline in third quarter profits and announced an increase in its dividend for the period.
In addition, it said it would sell assets worth 10 billion US dollars (£6.2 billion) over the next two years, with most of the proceeds being distributed to shareholders.
Shares jumped 25.4p to 477.5p - the highest level since the end of May - while rival company Royal Dutch Shell rose 24.5p to 2264.5p ahead of its quarterly figures later this week.
Meanwhile, shares in Lloyds Banking Group suffered a jolt after it in creased the money set aside for PPI by £750 million to £8 billion.
It meant a loss of £440 million for the third quarter and offset more signs of encouraging underlying trading.
Shares have been at a multi-year high but fell back 1.6p to 78p.
Despite the decline, chief executive Antonio Horta-Osorio is still in line for deferred shares worth around £2.3 million under a bonus scheme triggered if the stock price remains above 73.6p for 30 trading days.
Other banking stocks were also under pressure earlier in the session after Swiss bank UBS was forced to defer a key earnings target for a year because of the impact of demands for it to hold extra capital.
Royal Bank of Scotland dipped 3.7p to 364.8p, but Barclays, which is due to report figures tomorrow, recovered with a rise of 2.8p to 266.1p.
The biggest FTSE 100 risers were BP up 25.4p to 477.5p, Persimmon ahead 31p to 1255p, Admiral Group 30p stronger at 1270p and Marks & Spencer up 10.6p to 485.6p.
The biggest FTSE 100 fallers were Fresnillo down 23p to 1019p, Tullow Oil 21p lower at 936p, Lloyds Banking Group off 1.6p to 78p and Randgold Resources down 89p at 4762p.