Storms hit BP profits

UK oil giant BP posted a 4% fall in first-quarter profits today as it felt the effects of storm damage to rigs and the shutdown of its biggest refinery.

Profits totalled $5.27bn (£2.95bn/€4.2bn) between January and March compared with $5.49bn (£3.07bn/€4.4bn) a year ago as the setbacks in North America meant BP was unable to capitalise fully on high oil prices.