Petrobras Shrugs Off Oil Rout as Cheap Crude Helps Fuel Business
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Brazil’s embattled state oil company is deriving more gains from crude below $65 than at any point of the last price boom.
A combination of lower international prices and a slumping domestic economy turned Petroleo Brasileiro SA’s money-losing refining unit into a profit center, second-quarter earnings published Thursday show. That’s because it was selling imported fuel at a loss when prices were high and demand was strong, but not anymore.