Oil giant BP reports $16.8 billion quarterly loss

BP plunged into a net loss of $16.8 billion in the second quarter, the British oil giant announced Tuesday, as the coronavirus pandemic ravaged demand for oil, sending prices tumbling.

"The ongoing severe impacts of the Covid-19 pandemic continue to create a volatile and challenging trading environment," BP said in its earnings statement, adding that "the outlook for commodity prices and product demand remains challenging and uncertain".