BP first quarter earnings fall of 80 percent

BP, british oil company, reported an 80 percent year on year fall in core earnings for the first quarter but the result was better than analysts had expected. BP's net income was $532 million (367 million pounds) in the first three months of 2016.

"Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year," Dudley said in the results statement.