BP said profits slumped 24% in the fourth quarter last year to US $2.56 Bn, compared to the same period in 2007, on the back of a falling oil price. The high oil price during the first nine months of the year, however, helped the company to a healthy $25.6 Bn profit for the full year 2008, up 39% on 2007. BP said it had also been hit in the fourth quarter because of a $700m loss at its Russian joint venture TNK-BP.
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