Petrobras shares open up big after OPEC deal

Petrobras common shares opened up around 8 percent on 30 November 2016 after OPEC reached a deal to control oil production (Folhainvest). Brent Crude oil and WTI Crude oil prices both opened up over 7 percent, causing major oil companies around the world to see gains. Petrobras subsequently led a charge by the Ibovespa (São Paulo Stock Exchange), which opened up over 2 percent. The jump comes a day after President Michel Temer enacted a law removing requirements for the state-owned oil firm to participate in certain percentages of contracts in the Pre-Salt Oil Basin off of the coast of the states of São Paulo and Rio (Veja).