Oil prices rise as SSE half-year profits jump 38.9%

<p>Oil prices have climbed as SSE reports its half-year profits have risen by 38.9 per cent.</p>

Brent crude oil futures are higher this afternoon (November 14th) as SSE – one of the UK's biggest energy suppliers – announced that its half-year profits have advanced by 38.3 per cent.

The firm made £397.5 million in the six months to the end of September, which is compared to the £287.4 million in the same period last year.

SSE stated that the increase reflects market conditions.

The company is in line with other major energy providers, as it raised its gas and electricity prices by around nine per cent in October.

Chairman of SSE Lord Smith of Kelvin said: "Higher gas and non-energy costs unfortunately had to be reflected in the increase in household energy prices."

SSE estimates it lost some 1.5 per cent of its customers – around 115,000 households – during the six months its profits advanced and it believes this is because it raised its prices before its rivals did the same.

At 16:20 GMT, Brent Crude Oil Futures on the ICE Futures Europe index rose by 0.8 per cent to $109.08 per barrel.

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