NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were rallying, up 5.14% to $8.80 in midday trading Tuesday, on expectations that the Organization of the Petroleum Exporting Countries will keep their group production target at its current level and resist pressure for an increase, according to Reuters.
On Friday, ministers from the OPEC are expected to meet in Vienna to decide on production policy for the next half of the year.
Also, the weakness in the dollar is contributing to the rise in oil prices today, Reuters added.
July Brent crude rose by 1.26% to $65.70 a barrel as of 12:49 p.m. ET today, while U.S. crude for July delivery was up 2.04% to $61.43 a barrel as of 12:50 p.m. ET.
Brazil-based Petrobras is an integrated oil and gas company, engaged in the research, extraction, refining, processing, trade and transport of oil from wells, shale and other rocks.
Separately, TheStreet Ratings team rates PETROLEO BRASILEIRO SA- PETR as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROLEO BRASILEIRO SA- PETR (PBR) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."