Oil prices rise with strike on Petrobras

Oil prices rise with strike on Petrobras

LONDON (Reuters) - Brent oil prices rose on Tuesday to close to $ 50 a barrel boosted by the strike by Petrobras workers in Brazil, the ninth largest producer ...

LONDON (Reuters) - Brent oil prices rose on Tuesday to close to $ 50 a barrel driven by the strike by workers from Petrobras in Brazil, the ninth largest global producer of the commodity.According to the coordinator-general of the Single Federation of Oilers (FUP), José Maria Rangel, in the first 24 hours, the strike caused Petrobras to stop producing 500,000 barrels of oil, 450,000 in the Campos Basin.Brent crude was up $ 1.15, or 2.36 percent, to $ 49.94 a barrel at 2:19 pm EDT.US crude advanced $ 1.25, or 2.71 percent, to $ 47.39 a barrel.Earlier, Brent hit a low of $ 48.46 and US crude dropped to $ 45.96.Brent's gains were limited by news that Russian production peaked in the post-Soviet era and a poor forecast for Chinese demand.SEB chief commodity analyst Bjarne Schieldrop in Oslo said the absence of new negative news also rekindled buying interest somewhat."There are so many people with bullish views out there that oil is going to bottom and rise and p...


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