Oil giant Saudi Aramco has $42.4B profit in third quarter

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco is reporting a $42.4 billion profit in the third quarter of this year, buoyed by higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits announced on Tuesday will help fund the kingdom’s assertive Crown Prince Mohammed bin Salman’s plans for a futuristic city on the Red Sea coast. Bit the announcement also comes as the United States grows increasingly frustrated by higher oil prices fueling inflation. Benchmark Brent crude traded just shy of $95 a barrel on Tuesday.