Oil’s ‘Ugly’ Outlook Sends Petrobras Into Freefall
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Petroleo Brasileiro SA tumbled after crude prices sank the most since 1991, triggering an analyst downgrade and raising concern over the pace of the company’s debt reduction.
Petrobras’s American depositary receipts fell 31% to $7.26 in New York Monday, the most on record. Oil markets crashed more than 30% after the disintegration of the OPEC+ alliance set off a price war between Saudi Arabia and Russia.