Saket Vemprala
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Oil giant BP sees $5.3bn profits

The British oil giant BP has reported second quarter replacement cost profit of $5.3bn.

It is an improvement from the record losses this time last year due to the oil spill clean up costs in the Gulf of Mexico.

Chief Executive Bob Dudley is selling fields and disposing of half the company's refining capacity to pay for the disaster.

BP has paid $6.8bn in damages to firms, individuals and government departments since the oil spill.

Saket Vemprala, an Oil and gas analyst at Business Monitor International says the rise in profits is largely due to higher oil prices.

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