WTI crude oil for July delivery was up 3.3% to $60.08 a barrel early Tuesday afternoon, and Brent crude oil for July delivery was up 3.3% to $64.76 a barrel.
Oil prices were falling after the U.S. Energy Information Administration said it expects shale oil production to fall by 91,000 barrels a day to 5.5 million barrels a day in July when compared to June production rates, according to the Wall Street Journal.
High shale oil production in the U.S. contributed to the recent record high U.S. oil stockpile levels and helped bring down oil prices last year.
Petrobras is a Brazilian oil company that owns oil refineries and oil tankers and is engaged in the research, extraction, refining, processing, trade, and transport of oil from wells, shale, and other rocks.
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 several 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."