BP shares rise 7% on plans to cut oil and boost renewable investments             

All major oil companies suffered in the second quarter as lockdowns to contain the new coronavirus limited travel and oil prices fell to their lowest in two decades

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BP cut its dividend for the first time in a decade after a record $6.7bn (€5.7bn) second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company.

Its shares rose more than 7%, however, after BP unveiled earlier than expected a plan to reduce its oil and gas output by 40% and boost investments in renewable energy, such as wind and solar, over the next decade.