BP hoping for turnaround after second year in the red

Oil giant BP has remained in the red for a second year in a row, but said it hoped 2017 would be its turnaround year amid a bounce back in crude prices.

The group posted replacement cost losses of 999 million US dollars for 2016 as it said oil prices remained "challenging", with the average for Brent crude standing at 44 US dollars a barrel - the lowest for 12 years.