BP reports third-quarter profits above expectations

Oil giant BP has reported third-quarter profits well above expectations, sending its share price up 5%.

BP’s results were boosted after it made bigger-than-expected cost cuts.

However, profit was still down 50% from the 6.7 billion euros it made a year ago, as oil – currently trading at about $80 a barrel – is well below the $147 high set in July 2008.

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tags: Energy, Oil, Profits