A negative tide for risk assets dominates world markets this Friday (23). And, on B3, the current is particularly unfavorable to companies linked to oil, such as Petrobras (PETR4), PRIO (PRIO3) and 3R Petroleum (RRRP3).
The commodity recorded losses of more than 5% abroad and opened a hole in the hull of the oil companies’ boat, taking prices to the bottom of the sea.
At around 4:30 pm, Petrobras is the one who pulls the line for the biggest drops in the sector. The state-owned preferred shares (PETR4) fell 6.42%, while the common shares (PETR3) fell 7.23%. With that, the state-owned company loses about R$ 30 billion in market value.
See how the other B3 oil companies operate and follow our complete market coverage here:
- Petrobras (PETR3): -7.23%
- Petrobras (PETR4): -6.42%
- PRIOR (PRIO3): -5.45%
- Petrorecôncavo (RECV3): – 6.41%
- 3R Petroleum (RRRP3): – 5.64%
What brings down oil prices — and Petrobras
The two main oil contracts operated lower throughout the day and ended trading with sudden losses. A barrel of Brent was down 4.76% at $86.15, while WTI was down 5.69% at $78.74.
Fears of the threat of global recession and the monetary tightening promoted in several countries to fight generalized inflation weighed on the commodity.
Here, the Selic rate hike cycle officially ended this week after the last meeting of the Central Bank’s Monetary Policy Committee. In the United States, however, the rise in interest rates is just beginning.
Furthermore, even Japan, a world benchmark for economic stability, had to interfere with the exchange rate for the first time in 24 years. The Japanese government faces a sharp devaluation of the yen against the dollar, with a 23% drop in 2022.
The US currency, by the way, is another factor that put pressure on oil today. The 2.69% appreciation of the currency, quoted at R$ 5.251, contributed to the commodity’s fall in the international market.