Update: BP shares slump 8% as Q4 earnings drop 91%

Oil price slipped below $30 a barrel in January

Shares in oil giant BP fell 7.8% in early trading as the group reported a 91% fall in Q4 earnings.

In results released this morning, the company said profit adjusted for one-time items and inventory changes totaled $196m, missing the $814.7m analysts estimates and compares with year-earlier profit of $2.2bn for the same period the previous year, according to Bloomberg. The annual loss for 2015 was $5.2bn, compared to a profit of $8.1bn in 2014, Sky News reported.  BP shares lost 7.8% by 9.40am, falling to 338.9p. Oil has fallen from a peak of $115 in 2014 to around $40 around the end of 2015, before slipping below $30 in January. The new BP? Volkswagen 'shocker' rocks autos b...