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Repsol posts profit due to higher oil prices

Spanish energy giant Repsol posted Thursday a net profit for the second quarter, the latest oil firm to recover from the pandemic thanks to a rebound in crude prices.

The company booked a net profit of 587 million euros ($700 million) in April-June of 2021, compared to a loss of 1.9 billion euros in the same period last year.

The second quarter performance this year benefitted from the recovery of benchmark oil prices which surpassed $76 a barrel at the end of June, its highest level since October 2018, Repsol said in a statement.

“Demand has also increased, thanks in large part to vaccination rollout,” it added.

Repsol said revenues at its petrol stations in Spain jumped by 63 percent in the second quarter when compared to the same period last year as travel picked up following the easing of loockdowns.

“The global health crisis has continued to hobble the world economy throughout the first half of the year, though the situation has improved from the unprecedented scenario of 2020,” it said.

Repsol posted a 2020 net loss of 3.3 billion euros as oil prices plunged due to a collapse in demand as economies around the world shut down due to the pandemic.

emi/ds/rl