U.S. stocks drifted higher on Tuesday as investors looked past the latest evidence that China’s economy is slowing.
Opening declines in the U.S. tracked losses in Europe and Asia, after data showed that China’s exports dropped 3.7% from a year earlier in September. WSJ
Oil prices briefly dipped into losses and have pared gains Tuesday after a top energy watchdog said the global crude glut—which has battered prices since last year—will continue into 2016. According to WSJ
The International Energy Agency, which represents some of the world’s largest oil consumers, said Tuesday that oil demand will slow next year while an expected return of Iranian crude to the market will add to the oversupply.
During Tuesday’s Current trade, Shares of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR.A), declined -3.11% to $4.36. The firm opened its current trade at $4.34, and as of now, it is trading at $4.36. The total volume traded for the day is 8.30M shares, as compared to its average daily volume of 14.49M shares. The stock is floating in a range of $4.22 $4.42. The stock holda the market capitalization of $33.04B.
Brazils state-run oil firm Petroleo Brasileiro SA will raise $2 billion through a 10-year leasing contract with Chinas Industrial and Commercial Bank of China Leasing, the Brazilian company said in a statement on Tuesday. According to Reuters
Petrobras, as the company is commonly known, will lease the platforms P-52 and P-57 for 10 years as part of efforts to raise cash and reduce the worlds biggest debt load among oil firms.
Petroleo Brasileiro SA Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P comprises exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil. RTM covers the refining, logistics, transport and trading of crude oil and oil products activities, export of ethanol, extraction and processing of shale, and interests in petrochemical companies in Brazil.
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