Dow Inc beat Wall Street estimates for third-quarter profit on Tuesday, as the chemicals maker benefited from higher prices for its products used in making goods ranging from plastics and paints to building materials.

Prices of Dow products such as polyethylene, poly vinyl chloride and other base metals increased in the third quarter on the back of rising crude oil, helping blunt the impact from lower demand in key markets.

The company said it expects to benefit more from rising oil prices.

Chemical makers had flagged a potential blow in the second half of the year from a slower-than-expected recovery in China following its post-pandemic reopening and lower demand in Europe.

The company's adjusted profit was 48 cents per share for the three months ended Sept. 30, compared with analysts' average estimate of 44 cents per share, according to LSEG data.

(Reporting by Saikeerthi in Bengaluru; Editing by Sriraj Kalluvila and Vinay Dwivedi)