Petroleo Brasileiro SA (PBR) headed for the longest losing streak in a year as plunging oil prices and currency weakness overshadowed a decision to give the state-run producer some relief from inflation-fighting policies.
Petrobras, as the Rio de Janeiro-based company is known, fell for a fifth day, losing 2.2 percent to 13.75 reais at 11:34 a.m. in Sao Paulo. Brazil's currency extended a decline against the dollar this week to 3.8 percent, the most among major currencies tracked by Bloomberg. Brent headed for a seventh straight weekly drop amid the U.S. shale boom.
With four-year low crude prices dimming Petrobras'…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.