BP’s oil trading profit weakens as contango eases

BP Plc (BP.L) profits from oil trading fell in the first quarter of this year after a change in the structure of the market.

The press release is quoted as saying:

While crude oil prices have rallied to more than $80 a barrel from below $33 in early 2009, BP’s first-quarter earnings included a “significantly weaker” trading contribution, the company said when it unveiled its results on Tuesday.

Click here to access the entire press release