Ecopetrol SA, Colombia’s state-controlled oil company, fell the most in six weeks as crude dropped on speculation the U.S. Federal Reserve will trim stimulus measures.
Ecopetrol’s publicly traded shares plunged 2.5 percent to 4,345 pesos at 1:55 p.m. in Bogota, the most on a closing basis since June 24. It was the worst performance on the benchmark Colombian Colcap index, which lost 0.2 percent. Ecopetrol’s weighting on the measure is 20 percent, the heaviest among its 20 members.
Oil futures in New York fell for a fifth day, the longest stretch of declines since December, as lower-than-forecast U.S. jobless claims increased expectations that the country’s central bank will pare bond purchases that have bolstered the economy by keeping interest rates close to zero. Crude tumbled as much as 2.1 percent today after falling 0.9 percent yesterday when Colombian markets were closed for a holiday.
“Ecopetrol is catching up to declines in oil” given the the local market was closed yesterday, said Daniel Lozano, head analyst at brokerage Serfinco SA in Bogota.