Oil giant BP reports $16.8 billion quarterly loss

Oil giant BP reports $16.8 billion quarterly loss

BP plunged into a net loss of $16.8 billion in the second quarter, the British oil giant announced Tuesday, as the coronavirus pandemic ravaged demand for oil, sending prices tumbling.

“The ongoing severe impacts of the COVID-19 pandemic continue to create a volatile and challenging trading environment,” BP said in its earnings statement, adding that “the outlook for commodity prices and product demand remains challenging and uncertain.”

Oil prices have recovered to almost $43 a barrel from a 21-year low below $16 in April.

However, fears of a second wave of coronavirus are weighing heavily on the market and OPEC+ said in documents seen by Reuters that “a second strong wave” could deepen the hit to demand to 11 million bpd this year.

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