Baker Hughes posts $10 billion loss as oil sector demand tanks

(Reuters) - Oilfield firm Baker Hughes Co on Wednesday reported a $10 billion (8.09 billion pounds) first-quarter loss and revenue fell more than expected as an 80% plunge in oil prices crushed demand for services and equipment. Shares were down 4.5% in early trading, and are down roughly 50% year-to-date.Oil futures this week turned negative for the first time in history, with storage tanks rapidly filling as fuel demand collapsed during lockdowns to fight the spread of the novel coronavirus...