BP says quarterly profit sinks on lower oil prices

LONDON: BP’s profits slumped by 35 percent in the second quarter on the back of sliding crude oil prices, the British energy major said on Tuesday.

Profits after taxation tanked to $1.8 billion (1.6 billion euros) in the three months to the end of June from $2.8 billion a year earlier, BP said in a results statement, adding that this partly “reflects lower oil prices”.

Weaker crude prices translate into falling profits and revenues for the energy sector.