Ecopetrol Drops as Crude Prices Fall to 2013 Low: Bogota MoverNathan Gill
Ecopetrol SA, Colombia’s state-controlled oil company, fell to a three-month low after China reported economic growth that missed analysts’ estimates, sending crude prices to their lowest levels this year.
Ecopetrol, the most heavily weighted stock on Colombia’s Colcap index, slid 5.1 percent to 4,225 pesos, the lowest since Jan. 2. The shares have tumbled 22 percent this year.
Commodity producers led global declines in emerging markets today. China is the world’s biggest consumer of metals and energy. Brent crude reached its lowest level in nine months and West Texas Intermediate dropped below $90 a barrel.
China’s economy expanded 7.7 percent in the first quarter, compared with an 8 percent median estimate of 41 analysts in a Bloomberg survey.
Pacific Rubiales Energy Corp., the operator of Colombia’s largest oil field, fell 1.7 percent to 37,000 pesos.