Kay Murchie Reporting, 30/4/2010
French oil company, Total, today said profits for the first three months of the year were up 14% as a result of higher oil prices.
The oil giant said profits totalled €2.61 billion (£2.27 billion) in the three month period – up from €2.29 billion a year earlier.
Oil companies have been benefiting from rising crude oil prices, which were around the $76 a barrel mark in the first three months of the year – compared with an average $40 in the same period a year ago.
This week, Exxon Mobil, which is the world’s largest oil company, said profits for the first three months of the year were up 38% as a result of higher oil prices.
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