Spanish energy group Repsol posted a profit for the first nine months of the year that was higher than what it was generating before the pandemic, as higher oil boosted its trading business.

The company reported a net income of 1.94 billion euros ($2.25 billion) for the January to September period, a 32% increase over the same period in 2019 before the pandemic. That compares to a loss of 2.58 billion euros during the first nine months of 2020.

"Our results have returned to pre-pandemic levels, driven by our efficient management and the implementation of our strategic plan," Repsol chief executive Josu Jon Imaz said in a statement.

Energy prices have soared over the past year, pushing up inflation which threatens to weigh on the global economic recovery.

Like its rivals, Repsol had slumped into a huge loss in 2020 as the coronavirus pandemic slashed energy demand and prices. After lockdowns began to spread towards the end of last year's first quarter, oil prices dropped, even briefly turning negative.

Prices have since rebounded sharply, with the benchmark Brent North Sea oil contract trading around $85 per barrel.

Gas and electricity prices have also seen massive gains in recent months, boosting income for energy majors but weighing on business costs and individuals' spending power.