BP warns of volatile future for oil market as it returns to profit

Firm prepares to cut thousands of jobs worldwide as pandemic creates uncertainty

BP has warned that the oil market continues to face a volatile future because of the coronavirus pandemic as it prepares to cut thousands of jobs from its global workforce within weeks.

The oil giant returned to a modest underlying profit of $86m (£66m) in the third quarter but warned on Tuesday that the effects of the Covid-19 outbreak had created a “challenging” environment for the company.

Related: BP enjoys share bounce after unveiling plans to shift away from fossil fuels