Energy giant BP said today the highest oil prices for more than 20 years had helped it deliver a 20% hike in half-year profits.
BP posted record half-year profits of £4.68 billion after the cost of a barrel of crude surged more than 10% between April and June.
Although the world economy slowed in the second quarter and Opec has hiked production, BP said strong demand for oil and tight capacity would continue to prop up fuel prices.
The cost of a barrel of Brent oil averaged 35.32 US dollars in the second quarter and more than 37 US dollars during July.
Tuesday July 27, 2004
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