High oil prices boost BP profits

Higher oil prices have helped BP to boost its quarterly profits to 5.3 billion US dollars (£3.2billion), it said.

It comes after the oil giant made losses of 16.9bn US dollars (£10.3m) during the same period last year in the wake of the spill in the Gulf of Mexico.

Production fell 11% following the disaster, which saw drilling in the area suspended and 25 billion US dollars (£15.3m) worth of asset sales.

However the political unrest in the Middle East and North Africa led to higher oil prices, which helped to offset these losses, BP said, along with increased refining margins.

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