Oil major BP has reported its second-quarter profits have more than halved from a year ago.

Its replacement cost profit between April and June was $3.1bn (£1.9bn), down 53% from $6.75bn the same period a year before.

Oil prices have hovered at between $60 and $70 a barrel recently.

BP chief executive Tony Hayward said that the company expected the global economic recovery to carry on for the foreseable future.

“We are in turbulent times, volatile and uncertain. But we continue to steer a steady course through choppy waters,” Hayward said.

BP’s half-year profits came to $5.5bn, down 57% from the first six months of 2008.

However, its second-quarter profit was up 30% from the first three months of the year.

Daily production rose by 4% in the three months to the end of June, the company said.