Oil rig (2)

US oilfield services firm Schlumberger has announced plans to cut 10,000 after reporting a $1 billion (£700m) loss for the last three months as oil prices continue to tumble.

The loss was the company's first in 12 years as revenues fell 39% to $7.74bn, with its chief executive warning that there were no signs of oil prices rising.

The 10,000 job cuts add to the 20,000 redundancies Schlumberger had already announced during 2015. The announcements resulted in its share price rising 4%, having fallen by around 20% last year.

In its report, Schlumberger: "Negative market sentiments intensified in the fourth quarter, with oil over-production continuing and extending the bearish trend in global inventories."

Despite oil prices falling as low as $28 per barrel, economist have forecast even further falls. Royal Bank of Scotland believes prices could drop to $16, and Asia focused Standard Chartered has forecast as low as $16.