Petrobras Slumps as Fuel Price Increase Disappoints
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Petroleo Brasileiro SA, Brazil’s state-controlled oil company, fell to the lowest in six months after the government authorized a fuel price increase that trailed analyst estimates.
Petrobras, as the Rio de Janeiro-based producer is known, slumped 4.8 percent to close at 18.20 reais in Sao Paulo, the lowest since June 25. Brazil’s benchmark Bovespa index fell 1.8 percent.