Petrobras (PBR) Helps Support Bovespa as Oil Prices Jump

Energy stocks in major Latin American markets rose Wednesday as oil futures traded above $100 a barrel, but most of the region’s equity markets fell as the spike in oil prices spurred concerns about the run-up’s impact on global economic growth.

In Sao Paulo, shares of market heavyweight and oil giant Petroleo (NYSE:PBR) jumped 4.7% and OGX Petroleo e Gas shares (BR:OGXP) gained 1.1% as crude for April delivery hit an intraday high of $100.01 a barrel on the New York Mercantile Exchange; crude futures had not closed atop $100 since September 2008. Oil prices were pushed higher on concerns that anti-government protests in oil-rich Libya and other parts of the Middle East and North Africa could cut into supplies.

Oil for April delivery finished the session up 2.8% at $98.10 a barrel on the New York Mercantile Exchange. Oil futures extend gains amid unrest.

The rise in Petrobras’s shares helped pull the Bovespa equity index up 1% (Wednesday), but the index had traded in the red during the session as most mining, retailing and consumer stocks suffered losses. Shares of brewer Cia de Bebidas das Américas (ABV) fell 2.6% and discount retailer Lojas Americanas (BR:LAME) lost 2.5%. Also lower were shares of air carriers Gol (GOL), off 3.9%, and Tam (TAM), down 3.2%.