The largest oil and gas company in Brazil has announced a reduction in investment volume by 25%. Petrobras plans to stick to the plan until 2019 by cutting the investment amount to $ 98.4 billion. Such strict measures were caused by the decreasing value of the Brazilian real and the company's failure to correctly use the income. Petrobras has also decided to reduce the planned volume of oil and gas production, which in total will undoubtedly lead to financial losses.
The market’s reaction to the news has been very negative, and has influenced the Petrobras shares to drop by 5.93%. The value still continues to fall, which gives traders another good chance to earn money on a further decline. Remember, that trading will be available during the American session, from 13:40 to 20:00 GMT time.
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