By Jeffrey T. Lewis


SAO PAULO--Petroleo Brasileiro SA's preferred shares fell 4% after Brazil's new president removed the oil company, known as Petrobras, from a list of state-controlled businesses slated for privatization.

The shares reached 23.51 reais Monday morning, the equivalent of $4.40, after declining 14% during 2022. Brazil's benchmark Ibovespa stocks index was down 2.2% in early trading.

Luiz Inacio Lula da Silva was sworn in as Brazil's president on Jan. 1. One of the first official acts by the left-wing politician, who was president of the country from 2003 through 2010, was to remove Petrobras and the country's postal service from the list of state asset sales.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

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