Fri 27 Jun 2008 10:05

Petrobras stops taking bunker orders


Decision to suspend trading follows 24 hour surge in the price of crude oil.

Brazilian energy firm and bunker supplier Petroleo Brasileiro S.A. (Petrobras) announced yesterday, at 19hrs local time, that it had stopped confirming bunker orders.

In a statement the company said "Petrobras is informing that no orders are beying accepted or confirmed from now."

The company's decision to stop nominating bunker deals follows yesterday's surge in the price of crude oil. Light sweet crude oil for August delivery peaked at $140.39 a barrel on the New York Mercantile Exchange (NYMEX) on Thursday, up $5.09 on the previous day.

At 09:58 GMT, WTI crude was priced at $141.25 a barrel, whilst London Brent Crude had risen to $141.48 a barrel.

Following yesterday's statement, Petrobras has announced this morning at 06:46 GMT time that sales orders are now being taken again at new prices.
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