Oil soars with US ban on imports from Russia; Petrobras rises

The global price of oil soared on Tuesday (8) in the face of the decision of the United States to ban the import of oil produced in Russia. Even before the announcement, made by President Joe Biden earlier this afternoon, the expectation about the decision was causing turmoil in the markets.

At 2:17 pm, the barrel of Brent, the most traded type and world reference for the value of the raw material, rose 7.14%, quoted at US$ 132.01 (R$ 671.89).

This Monday, the commodity closed at US$ 123.10 (R$ 626.54). On Sunday (6) night, it had reached US$ 140 (R$ 708), close to the record of almost US$ 148 (R$ 748) of July 2008.

Also on Monday, Russian Deputy Prime Minister Alexander Novak said in a video statement broadcast on state television that oil prices could rise to more than $300 a barrel if the United States and the European Union to ban oil imports from Russia.

The tension surrounding the price of oil causes fluctuations in the stock markets. In Brazil, after approaching a negative zone, the reference index of the Stock Exchange rose 0.24%, to 111,930 points. The partial recovery of the Ibovespa occurs after a fall of 2.52% the day before.

In the United States, after Biden’s announcement, stocks reversed the lows of the beginning of the day. The Dow Jones and Nasdaq indexes rose 0.94% and 1.32%, in that order. The benchmark S&P 500 index rose 0.27%.

In Europe, most markets closed on the negative after an almost entire session in the blue. The London Stock Exchange sustained a slight increase of 0.07%. Paris and Frankfurt dropped 0.32% and 0.02%, respectively.

Major markets in Asia closed lower. Tokyo dropped 1.71%. Hong Kong lost 1.39%. Shanghai tumbled 2.01%.

In the exchange market in Brazil, the dollar abandoned the high and started to fall 0.53%, to R$ 5.0510.

Petrobras shares recover part of the fall caused by Bolsonaro’s speech

The surge in oil prices on the international market caused by Russia’s invasion of Ukraine has revived investor concerns about the political debate over Petrobras’ international price parity.

After President Jair Bolsonaro (PL) criticized the system that equates the value of fuels in Brazil to the fluctuation of the price of raw materials and the dollar, preferred shares (which do not give the right to vote, but have preference in receiving dividends) ) of the company lost 7.10% this Monday. Ordinary papers (with voting rights) plummeted 7.65%. As a result, Petrobras lost R$ 34.7 billion in market value.

This Tuesday, the company’s preferred shares, which are the most traded, rose 2.48%, recovering part of the previous day’s losses. Private oil company PetroRio shot up 7.59%.

Nicolas Borsoi, chief economist at Nova Futura, says that the ban on imports of Russian oil by the United States, causing widespread appreciation of commodities, may explain the rise of the Ibovespa, but a “possible setback throughout the day, as new news comes out. on the geopolitical front”, should not be ruled out.