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. Last Updated: 07/27/2016

Record Profits for BP

LONDON -- British Petroleum unveiled Tuesday record nine-month profits on a replacement cost basis, excluding the value of unsold oil stocks, of ?2.17 billion ($3.56 billion).

This was 18 percent more than the figure during the same period of 1996.

BP said in a statement that the results were achieved despite a fall of $2 per barrel in average crude prices. The oil giant predicted that "continued volatility around current prices is likely" to hit the oil market.