Petrobras Turns Into Worst-Performing Oil Stock Amid Strike
- Petrobras said crude output down 8.5 percent on Tuesday
- Union wants Petrobras to reverse spending cuts, asset sales
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Petroleo Brasileiro SA fell the most among the world’s major crude producers after saying its oil and natural-gas output has been cut because of a strike by workers protesting job losses, spending reductions and asset sales at Brazil’s state-controlled oil company.
The shares dropped 4.3 percent to 8.12 reais at 2:55 p.m. in Sao Paulo, the most among 18 oil companies tracked by Bloomberg. The Ibovespa stock benchmark declined 0.3 percent.