LONDON, April 26 (Reuters) - British oil major BP onTuesday reported an 80 percent year on year fall in coreearnings for the first quarter, when oil prices touched a near13-year low, but the result was better than analysts hadexpected.
BP's quarterly underlying replacement cost profit, thecompany's definition of net income, was $532 million in thefirst three months of the year, compared with a forecast loss of$140 million in analyst consensus figures provided by BP.
Chief Executive Officer Bob Dudley said he expected globaloil supply and demand to balance towards the end of the year,which would likely help push prices higher.
"Market fundamentals continue to suggest that thecombination of robust demand and weak supply growth will moveglobal oil markets closer into balance by the end of the year,"Dudley said in the results statement. (Reporting by Karolin Schaps and Ron Bousso; Editing by MarkPotter)
BP (BP.)