BP profits surge after rebound in oil prices

BP profits surge after rebound in oil prices:

"BP almost tripled its profits in the first three months of this year, as the UK oil group benefited from higher crude prices to report better than expected first-quarter results on Tuesday. Profits on an underlying replacement cost basis, the main measure watched by analysts, came to $1.5bn. This was up from $532m in the first three months of 2016 and higher than the $1.26bn consensus forecast by analysts. The results added to evidence of recovery in the energy industry after an 80 per cent increase in oil prices from the 12-year lows recorded early last year. ExxonMobil and Chevron, the two biggest US oil groups, both last week beat market expectations with sharply higher first-quarter earnings."



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