Ibovespa Futures Climb as Crude Gains Boost Petrobras Prospects

Ibovespa futures rose as crude extended a two-day rally, bolstering the outlook for Petroleo Brasileiro SA’s offshore investments.

Brewery Ambev SA may move after quarterly sales exceeded estimates. Companies that depend on domestic demand may be active as Brazil’s industrial production fell more than forecast in March.

Ibovespa futures contracts due in June added 0.2 percent to 58,855 at 9:32 a.m. in Sao Paulo. Oil extended its advance to trade above $62 a barrel on bets the biggest U.S. glut in 85 years will ease. Petrobras, which is at the center of Brazil’s largest graft probe, has said investments in pre-salt production are economically viable with crude above $45.

“The Ibovespa has gained a lot in the past weeks mainly because of Petrobras and the recovery of commodity prices including oil,” Jason Vieira, an economist at consulting firm XInfinity Invest, said by telephone from Sao Paulo. “The depreciation of the Brazilian currency this year is also helping raw-materials producers.”

The real has weakened 15 percent in 2015.

Trading volume of equities in Sao Paulo was 8.1 billion reais ($2.6 billion) on Tuesday, according to the exchange. That compares with a daily average of 6.97 billion reais this year.

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