Oil giant BP has reported a near 50% fall in third-quarter profits from last year as the sector continues to struggle with low prices, BBC News reports.

The company made $933m on an underlying replacement cost basis, compared with $1.8bn a year earlier.

BP blamed falling oil prices for its fall, saying it was affected by a "weaker price and margin environment".

Rival oil company Royal Dutch Shell also warned over oil prices, although its profits rose by 18% from last year.

The company reported better-than-expected third-quarter profits of $2.8bn.