Shell Q3 profits double on higher oil price

oil prices

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

CCS earnings strip out unrealized 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 percent in the quarter compared to the same period last year, to average $113/barrel in the quarter.

Exxon Mobil, the world's largest publicly-traded oil company third-quarter net income is expected to jump 40 percent on last year to $10.26 billion, according to I/B/E/S estimates.

(Reporting by Tom Bergin)