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RIO DE JANEIRO, BRAZIL - The Brazilian president’s move to name a new CEO for the company is sparking a crisis of confidence in his administration’s commitment to free-market policies—and investors are fleeing.

Oil giant Petrobras lost almost a fifth of its market value Monday after Brazil’s President Jair Bolsonaro named an army general to take over the company in an apparent bid to control fuel prices, sparking a crisis of confidence as investors soured on his administration’s commitment to free-market policies.

Under ousted CEO Roberto Castello Branco, Petrobras had increased fuel prices four . . .

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