Baker Hughes Posts $10B Loss

Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment.

Oil futures this week turned negative for the first time in history as fuel demand collapsed from the spread of the novel coronavirus and storage tanks fill up. The sudden free-fall in oil prices last month has prompted shale companies to slash spending and halt drilling activity.

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