BP shares slump 4.5% as weak oil price hits earnings

BP’s profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the firm beat expectations even after taking a one-off $2.6bn (€2.3bn) charge linked to asset sales.

BP, like other big energy companies, has been hit by a sharp drop in oil prices as trade tensions between the US and China have impacted global oil demand. Its shares slumped 4.5%.