Bovespa Gains as Oil Rally Bolsters Producers; Petrobras Rises
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The Bovespa stock index gained for the first time in three days as turmoil in Libya spurred a surge in crude, bolstering oil producers in Brazil.
State-controlled oil company Petroleo Brasileiro SA’s common shares gained the most since September as crude rose to the highest in more than two years. Iron-ore miner Vale SA advanced for the first time in four days. Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-biggest steelmaker, slid after reporting a 38 percent decline in quarterly net income.