BP records €3.6bn loss after oil spill

BP suffered its first annual loss in nearly two decades today after revealing that the Gulf of Mexico oil spill will cost it more than $40bn (€29.1bn).

The British energy giant recorded a full-year loss of $4.9bn (€3.6bn) in the year to December 31, compared with profits of $13.9bn (€10.1bn) in 2009, after the financial impact of the fatal Deepwater Horizon explosion was deducted.