Exxon Mobil profits from higher oil prices

Exxon is benefiting from higher oil prices, which are also increasing the cost of petrol for drivers

Exxon Mobil has seen its latest quarterly profits jump 55% after it benefited from higher oil prices and increased production.

The world's largest oil company made a net profit of $7.35bn (£4.6bn) in the three months to 30 September, up from $4.73bn for the same period in 2009.

Its revenues totalled $95.3bn, up 16% from a year before.

Exxon's results come on the same day that Anglo-Dutch oil group Shell reported profits of $3.5bn, up 17%.

The latest profits from Exxon beat market expectations.

Exxon chairman Rex Tillerson said the firm's oil production levels were 20% higher than a year ago.

He added that the strong results had come despite "continuing economic uncertainty".