Petrobras shares fell about 10% Monday after President Lula won re-election, defeating Sen. Flávio Bolsonaro in Sunday's runoff. CEO Magda Chambriard told Reuters the drop was speculative and that the company's business and investment opportunities remain strong.
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Oil slipped from a six-month high Monday, with Brent settling near $116 a barrel, as officials from Saudi Arabia, Pakistan and Turkey went to Tehran to revive talks aimed at preventing wider Middle East escalation. Iran's president said the country would back "any understanding" leading to regional unity. Bank of America's Francisco Blanch said the market may see dialogue as a positive sign.
EQT agreed to buy Range Resources in an all-stock deal that would create the leading U.S. natural gas company, with a combined enterprise value over $50 billion. The companies say the merger creates America's largest vertically integrated natural gas producer, with deep inventory, low costs and the country's largest gas marketing platform.
The U.S. Strategic Petroleum Reserve fell to about 282.6 million barrels in the week ending Oct. 23, its lowest level since October 1982, according to Energy Department data released Monday. It has dropped about 132.8 million barrels since the conflict involving Iran began in late February, after the U.S. committed to release up to 172 million barrels.
Regular gasoline has averaged $3.472 a gallon during President Trump's second term, edging past the $3.471 average under Biden, according to AAA data cited by Reuters. AAA's national average was about $4.29 on Monday, up from $3.05 a year earlier, driven largely by the U.S.-Israeli war with Iran that began in February.
