Update (12:45 p.m.): Updated with news of Eduardo Campos' death.
Campos' death affects the South American nation's October election and quickly sent local markets lower.
Bloomberg reported Monday that a $4.4 billion money laundering investigation tied to Petrobras has spread to multiple financial institutions as prosecutors look into whether or not they met compliance standards.
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Reuters has also reported that Brazil's government could increase fuel prices by up to 6% in a move designed to aid the state-run oil and natural gas company.
Last week, the company reported earnings of 36 cents a share on revenue of $36.91 billion, which came up short of the Thomson Reuters consensus estimate of 47 cents a share on revenue of $40.31 billion.
The stock was down 0.87% to $16.04 at 12:21 p.m. More than 36.6 million shares had changed hands, compared to the average volume of 18,857,800.
Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROBRAS-PETROLEO BRASILIER (PBR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow."