NEW YORK (TheStreet) -- Shares of Petrobras (PBR.A) were sinking, down 2.82% to $7.94 in midday trading as both Brent and WTI crude prices fall, dragging down the energy sector, ahead of the Organization of the Petroleum Exporting Countries meeting tomorrow.
On Friday, ministers from the OPEC are expected to meet in Vienna to decide on production policy for the next half of the year.
The group is expected maintain its output target of 30 million barrels per day.
July Brent crude fell 2.73% to $62.06 a barrel as of 12:32 p.m. ET today, while U.S. crude for July delivery was slipping by 2.68% to $58.04 a barrel as of 12:31 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) a SELL. This is driven by a few notable weaknesses, 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."