BP PLC on Tuesday laid out plans to cope with an extended period of low oil prices that anticipate crude at $60 a barrel in 2017 as it reported third-quarter earnings that nearly halved compared with a year earlier. The oil industry has been buffeted over the last 16 months by a sharp slump in oil prices. The third quarter was particularly brutal as the price of international benchmark Brent crude dropped to around $50 a barrel, its lowest level since the financial crisis and roughly half its level during the same period last year. Brent traded at about $47 a barrel on Tuesday. BP has already announced plans to cut spending and reduce costs this year in preparation for a sustained period of low prices, but on Tuesday gave the first indication of its longer term plans and price expectations. Shares in BP rose […]