Oil price surge benefits Exxon

Exxon pumped more oil in the second quarter.

US oil giant Exxon Mobil has turned in sharply higher profits, helped by soaring world oil prices.

Exxon said net income for the three months to June came in at $5.8bn (£3.1bn), up from $4.1bn during the same period last year.

The figure, which was in line with analysts' expectations, partly reflects a 30% surge in oil prices since the beginning of the year.

The price rally lifted Exxon's sales by 24% from the year before to $70.7bn.

Brent crude prices reached their highest level since the run-up to the 1991 Gulf War on Wednesday, lifted by fears that the Russian government had ordered oil giant Yukos to suspend production as part of an effort to claw back billions of dollars in back taxes.

Although prices fell back again on Thursday after Moscow denied the reports, analysts say an uncertain global supply situation is likely to underpin the oil market in the weeks ahead.

Texas-based Exxon said its second quarter performance also been helped by increased oil production, and a stronger performance from its refining division.

Shares in Exxon, the world's largest listed oil company, edged 16 cents higher to $45.97 in early trade on Wall Street.