NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were retreating, lower by 1.37% to $9.37 in midday trading Wednesday, along with other oil related stocks as crude prices fall following the release of data from the U.S. Energy Information Administration, according to Reuters.
Government data showed U.S. crude stockpiles dropped for a seventh consecutive week, but gasoline stocks and distillate inventories increased.
EIA data showed that U.S. gasoline inventories rose unexpectedly and stocks at Cushing increased for the first time since April.
Investors were expecting gasoline stocks to drop due to the strong demand ahead of the summer driving season, Reuters noted.
U.S. crude prices were lower by 0.62% to $59.60 a barrel as of 11:38 a.m. ET today, while Brent crude was down 0.3% to $63.51 a barrel.
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."