Oil giant Aramco reports record first quarter as oil prices soar

Oil giant Aramco reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO.

The Saudi Arabian behemoth said net income rose 82% to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year.

The Aramco results reflect an ongoing momentum in the oil and gas industry, which has benefited from a more-than 45% increase in prices since the start of the year. $Invesco QQQ Trust(QQQ.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Camber Energy(CEI.US)$ $Imperial Petroleum(IMPP.US)$ $Crude Oil Futures Main(MAY3)(CLmain.US)$