Oil giant Shell (LON:RDSA) saw its share price rise on Thursday, as the oil market’s recovery led earnings to surpass analysts’ expectations.

Shell reported $4.1 billion in earnings for the last quarter on a current cost of supply basis, well above analyst forecasts of $3.6b billion.

The figure is almost 50 percent higher than in the same quarter last year, with CEO Ben Van Beurden said the group’s oil and gas production business generated almost half of its $10 billion cash flow from operations at an average price of $52 a barrel.

The group’s performance has benefitted significantly from an increase in the price of oil, with the effects of OPEC’s oil output limits beginning to filter through to the market. Oil prices have edged up towards $60 a barrel in recent weeks, about 13 percent higher than a year ago, raising expectations for the oil industry’s full-year results.

Ben van Beurden, the group’s chief executive, said the “competitive performance” provided “further evidence of Shell’s growing momentum, and strengthens my firm belief that our strategy is working”.

Shell shares are currently trading at a price of 2,385.00, up 1.08 percent on the day (1129GMT).

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Miranda is the online editor of UK Investor Magazine. Her interests include private equity, crowdfunding, peer-to-peer lending, gender equality and coffee.