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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