BP profits double on oil price rises

Posted on Monday, April 26, 2010

Profits at oil giant BP have more than doubled from a year ago on the back of rising oil prices.

Replacement cost profit for January to March was $5.6bn (£3.6bn), compared with $2.4bn for the first quarter of 2009 - a 135% rise.

The profit figure is also up from the $3.45bn profit made in the last three months of 2009.

BP has benefited from rising global oil prices, which averaged $76 a barrel in the first three months of 2010.

That compares with an average of $41 a barrel a year ago.