Petrobras Shares Slip to Eight-Year Low

By Maria Lopez Conde, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Shares of Brazil’s state-controlled oil giant Petrobras fell to a nearly eight-year low last week amid weak earnings. Petrobras’ shares slipped 6.11 percent on Friday, July 5th, closing at R$13.68. That is the lowest share value for the oil firm's stock since November 14, 2005 and a far cry from their R$43.66 price in May 2008.

Preferred shares also dropped by 5.08 percent, finishing the day at R$15.15. These negative numbers drove Subscribe to our Premium Membership Plan. Already Subscribed?