Exxon Mobil posts big loss, $3 billion writedown on oil price plunge

Exxon Mobil Corp (XOM.N) on Friday joined a parade of oil companies posting downbeat results on plunging oil demand and collapsing prices, reporting a $610 million first-quarter loss after a nearly $3 billion inventory writedown.

Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns. Oil giants largely have reported losses on weaker margins and writedowns from an oil glut that has sent prices to historic lows.

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