Oil giant BP posts largest annual loss for 20 years

BP posted its largest annual loss for at least 20 years and revealed another 3,000 job losses as it continued to count the cost of plunging oil prices.

The blue chip giant slumped into the red by US$5.2bn in 2015, surpassing even the mammoth losses seen in the wake of the Deepwater Horizon explosion and oil spill in the Gulf of Mexico in 2010.