Petrobras (PBR) Trades Down as Oil Prices Drop

Petrobras (NYSE:PBR) was under pressure as oil as gas prices fell Wednesday, dragging the majority of energy companies down as well.

Brent crude settled down $5.06 at $112.57 a barrel, while U.S. crude futures dropped $5.67 to settle at $98.21.

Natural gas for June delivery settled 6.5 cents, or 1.5%, lower, at $4.181 per million British thermal units on the New York Mercantile Exchange.

The U.S. Oil Fund (USO) dropped 4.2 percent to closed at $39.35, the Energy Select Sector SPDR Fund (XLE) was down 2.9 percent to close at $74.28, and the U.S. gasoline fund LP (UGA) plunged 6.4 percent to close at $51.44.

Petroleo Brasileiro S.A. mostly participates in oil and natural gas exploration and production, refining, trade, and transportation businesses.

Petrobras (PBR) closed Wednesday at $34.34, down $0.85, or 2.42 percent.