The market was spooked when Brazil’s president Jair Bolsonaro installed an army general as chief executive of state-controlled Petrobras.
The appointment of general Joaquim Silva e Luna gave rise to fears that the oil company would reverse its course on a market-based formula for pricing petrol and diesel.
Bankers also fretted over the loss of one of the country’s leading sources of business after Petrobras’s vigorous policy of streaming operations – spinning off businesses or putting them up for sale.
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