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Thu 3 Jul 2008, 08:19 GMT

Petrobras suspends sales activities


Brazilian supplier stops trading for the second time in a week. Sales resume today at new prices.

Brazilian energy giant Petroleo Brasileiro (Petrobras) S.A. suspended sales activities yesterday afternoon less than a week after the company stopped trading following price volatility in the oil markets.

The Rio-based bunker supplier issued a statement late yesterday afternoon saying that it had stopped confirming orders for marine fuel at 17:00 hours local time. The company then announced this morning at 05:50 GMT(01:50 local time) that sales of bunker fuel had resumed at new prices.

The decision to temporarily halt trading comes less than a week after the company announced that it had suspended sales activities at 19:00 hours local time on June 26th. The company's decision to stop nominating bunker deals followed a $5.09 surge in the price of crude oil last Thursday.

Yesterday, light sweet crude oil for August delivery peaked at $144.32 a barrel before settling at $143.57 a barrel, up $2.60 on the previous day. Meanwhile, London Brent Crude rose by $3.59 a barrel on Wednesday, closing at $144.26 a barrel.

Petrobras also announced yesterday that bunker operations at the port of Recife had been suspended due to force majeure. The company said it would immediately inform the market when bunkering activities resume at the port.

According to Petrobras Bunker, the company's Brazilian office will be closed today but the London and Singapore offices will be working normally.

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