Oil Giant BP Reports 62 Percent Fall In Profits

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With the recession taking a big bite out demand for oil, prices have come way down. One of the biggest oil companies in Europe reported a 62 percent drop in first quarter profits. BP also is slashing costs.

So is Conoco Phillips, the third-largest U.S. oil company, which last week announced an 80 percent drop in profits.

Two other oil giants, Royal Dutch Shell and Exxon, announce their profits later this week.



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