Why Shares of Petrobras Rose 12.2% in October
Shares of Brazil's state-controlled oil company Petroleo Brasileiro (NYSE: PBR) -- usually shortened to Petrobras -- were up 12.2% in October, according to data provided by S&P Global Market Intelligence.
Petrobras' shares had been underperforming the market prior to the move. However, after the jump, shares have risen 23% so far this year, roughly matching the performance of the S&P 500, which is up 23.1% for 2019 to date. Petrobras' shares, though, have been far more volatile than the index.
Petrobras is hoping to outperform thanks to interest in Brazil's offshore oil fields. Image source: Getty Images.
Source Fool.com
