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BP profits helped by higher oil prices

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The recent increase in oil prices has helped BP to record a healthy profit for the three months to March.

The $1.4bn (£1.1bn) profit, on the replacement cost measure, compared with a $485m loss a year earlier.

Oil prices have been about 35% higher in the first three months of the year compared with a year ago, boosting revenue from BP’s core oil and gas production division.

BP chief executive Bob Dudley said: “Our year has started well.”

He added: “BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust.”

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