RIO DE JANEIRO, BRAZIL - After Tuesday's holiday, the Brazilian stock market should experience an intense day today, mainly reflecting the oil prices in the international market. A sharp drop in oil prices drove the US S&P 500 index down by three percent on Tuesday - with the New York-based ADRs index of Brazilian companies down 3.3 percent. On Monday, the IBOVESPA had dropped 0.02 percent to 78,902 points.
The WTI oil futures contracts plummeted 300 percent on Monday to an unprecedented negative -US$37.63 (R$188) a barrel. Yesterday, the May contracts closed . . .
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