Leading oil giants see profits rise on back of oil price

By DPA,

London : Rising oil prices have boosted the profits of Britain’s two leading oil giants, Shell and BP, in the first quarter of this year, figures showed Tuesday.

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Shell reported record profits of 3.9 billion pounds ($7.8 billion), while rival BP saw profits rise by 48 percent to 3.31 billion pounds.

The figures come after Anglo-Dutch firm Shell reported annual profits in January of a record 13.9 billion pounds.

Shell shares are listed in Britain and the Netherlands, while the company’s headquarters are in The Hague.