Brent crude futures fell $9.27, or 8.9 percent, intraday to $94.29 a barrel, their lowest level since 4 September, as oil prices extended losses into a third straight session. West Texas Intermediate futures dropped $7.44, or 7.8 percent, to $88.54 a barrel at the same reading, taken at 14:00 Brasília time.
Oil shares slide in Brazil
The declines in crude rippled through Brazilian oil stocks. Petrobras common shares, PETR3, fell 7 percent to 53.77 reais. Its preferred shares, PETR4, dropped 6.33 percent to 47.52 reais.
Other producers also fell. PRIO3 shares declined 7.98 percent to 62.65 reais. Brava Energia’s BRAV3 shares dropped 6.58 percent to 16.47 reais, while PetroReconcavo’s RECV3 shares slipped 1.86 percent to 10.56 reais, a smaller move than its peers.
Third straight losing session
Wednesday’s drop marked the third consecutive session of losses for oil futures. PRIO is scheduled to release its third-quarter 2026 results after the market close on the same day.
No cause for the slide in crude was given alongside the figures.
