BP profits double on higher prices and new oil fields

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Profits at oil giant BP more than doubled in the third quarter, boosted by stronger oil prices and higher production from new oil fields.

Profits rose to $3.8bn (£3bn) from $1.86bn a year earlier, its best quarterly result for five years.

Revenue in the July-to-September quarter jumped to $80.8bn, up from $60.8bn last year.

Over the past three months, the price of Brent crude oil has averaged $75.07 a barrel, up 44% from a year earlier.

The Brent price reached a four-year high of more than $86 a barrel earlier this month before dropping back to around $77.

BP’s profits were ahead of analysts’ expectations, and shares in the company were up 3.9% in early trade on the London Stock Exchange.

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