The Guardian - Netflix has become a more valuable company than the US oil giant ExxonMobil , as the streaming service benefits from increased viewing of television and films during coronavirus lockdowns.

Shares in the company moved 5% higher in early trading on Wall Street on Thursday to a new record high of $448 (£360), taking its market value to $196bn.

Meanwhile, ExxonMobil and other oil giants, including the UK firms BP and Royal Dutch Shell, have seen their share prices tumble as demand slumped to the lowest level in 25 years.

The International Energy Agency (IEA) warned the biggest oil production cuts in history would not be enough to offset the huge fall in demand, to levels not seen since 1995, even if travel restrictions are eased in the second half of the year.

Earlier this month ExxonMobil announced it would reduce its spending by a third this year, a reduction of $10bn, as it scaled back plans to cope with the fall in global oil prices. The cuts will be concentrated in the US’s Permian Basin, located in Texas and New Mexico.