Repsol Warns of Coronavirus Uncertainty after Profit Slump

Spain’s Repsol reported a 28% fall in first-quarter profit on Tuesday, becoming the latest oil and gas company to show the deep damage done to its balance sheet by the coronavirus laying waste to energy demand.

Oil prices fell 65% in the period as restrictions on movement to halt the spread of the virus paralyzed industry and travel, erasing appetite for fuel which was further cheapened by a price war between top producers Saudi Arabia and Russia.

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