Oil giant BP sees profits nearly halve

Oil giant BP has reported a near 50% fall in third-quarter profits from last year as the sector continues to struggle with low prices. The company made $933m (£763m) on an underlying replacement cost basis, compared with $1.8bn a year earlier. BP blamed falling oil prices for its fall, saying it was affected by a “weaker price and margin environment”. Rival oil company Royal Dutch Shell also warned over oil prices, although its profits rose by 18% from last year. The company reported better-than-expected third-quarter profits of $2.8bn (£2.2bn),. ‘On…

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