Name: BP back in profit, but warns recovery uncertain
Uploaded: 2020-10-28T19:10:48.000Z
Duration: 1 min 13 s
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BP swung back into the black in the third quarter.

Adverbs of degree

Just the oil major reported a profit off $86 million after a record loss, off $6.7 billion in the previous period.

Past perfect

Analysts had forecast a loss for the latest three months to BP benefited from a slow rise and crude prices.

But it warned that the pace off recovery remains very uncertain, with demand for some products still very low.

Jet fuel is perhaps the obvious example, with the global travel slump still keeping planes on the ground that just one factor leaving profit margins at BP refineries very thin overall, the company described the outlook for oil trading as volatile and challenging.

In response, BP will cut 10,000 jobs over the coming months at a cost of around $1.4 billion.

 However, shares in the firm rose around 2.5% in early trade Tuesday. 