⁍ Schlumberger NV posted its third straight quarterly loss.

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⁍ The company kicked off earnings from hard-hit U.S. oilfield service providers.

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⁍ Global oil prices traded at $42.56 a barrel on Friday, down 36% this year.

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– Schlumberger posted its third straight quarterly loss as this year’s slump in oil demand and prices due to the COVID-19 pandemic cut demand for its services. The company kicked off earnings from hard-hit US oilfield service providers as new lockdowns in some parts of the world due to a resurgence in infections threaten a recovery in oil demand, reports Reuters. Global oil prices traded at $42.56 a barrel on Friday, down 36% this year. North American markets have fared much worse than international markets, with Schlumberger’s revenue from the region falling to $1.16 billion, from $2.85 billion a year earlier. Total revenue plunged 38% to $5.26 billion. “International activity is steady following budget resets completed in the third quarter,” Chief Executive Officer Olivier Le Peuch said in a statement. North American business was ‘set for continued momentum,’ pointing to more drilled-but-uncompleted well completions and a modest resumption in drilling activity, he said. International activity will begin expanding in 2022, Le Peuch told investors on a call, suggesting revenue from Schlumberger’s largest sector would be flat next year.