World Bulletin / News Desk

British oil giant BP rebounded back into net profit in the first quarter, energised by deep cost-cutting and rising crude prices, the group announced on Tuesday.

"Our year has started well. BP is focused on the disciplined delivery of our plans," said chief executive Bob Dudley. 

"First-quarter earnings and cash flow were robust. We have shown continued operational momentum."

Replacement cost profit, an industry measure which strips out exceptional items and changes in the value of oil inventories, rose to $1.51 billion from $532 million.

That easily beat market expectations of $1.21 billion, according to analysts polled by Bloomberg.