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The Wind Down

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BP swings to hefty annual loss but raises hope of better days ahead

BP has swung to a mammoth annual loss of 5.7 billion US dollars (£4.2 billion) after oil prices and demand tumbled amid the pandemic. The oil giant’s hefty underlying replacement cost losses – its most watched measure – compare with profits of 10 billion US dollars (£7.3 billion) in 2019 and come despite a bounce-back in the second half of the year as oil prices started to recover..