BP makes record loss and axes 7,000 jobs

6bn wiped off stock market value of oil company as investors react to losses and increasing Deepwater Horizon liablities

BP is to axe another 7,000 jobs after reporting an annual loss of $6.5bn (4.5bn), the worst in its history.

Shares in the oil company dived 8.6% to 335p by the end of trading on Tuesday, wiping almost 6bn off the stock market value of the business, and helped drag down the wider FTSE 100 index of leading shares in London.