Shell profits double on higher oil prices

Royal Dutch Shell has reported a doubling of net profits in the third quarter compared to the same period last year, thanks to higher oil prices.

Europe's largest oil company by market value said it's current cost of supply (CCS) net income was $7.2bn (£4.4bn).

Excluding one-offs, the result was $7bn, ahead of an average forecast of $6.6 from a poll of analysts.

CCS earnings strip out unrealised gains or losses related to changes in the value of inventories, and as such are comparable with net income under U.S. accounting rules.

Brent crude jumped 48 per cent in the quarter compared to the same period last year, to average $113/barrel in the quarter.