Shell profit surges as oil price rises

Royal Dutch Shell reported an 18 perc ent jump in third quarter profits thanks to higher oil and gas prices and beat all analysts' forecasts.

Europe's largest oil company by market value said third quarter current cost of supply (CCS) net income rose to $3.52bn (£2.22bn).

Stripping out non-cash charges and one-off items, the result soared 88 per cent to $4.93bn, well ahead of an average forecast of $4.29 billion from a Reuters poll of nine analysts.

ConocoPhillips, the third-largest U.S. oil company, said earlier in the weel that its quarterly profit more than doubled thanks to strong crude and natural gas prices and a rebounded in US refining margins.