Brent Barrel drops 7%; Petrobras shares accompany retraction.
Oil has lost about half of the appreciation gained from the attacks on Saudi Arabia. After rising 14.6% on Monday (16), the Brent barrel futures contract dropped 7% until early Tuesday night (17) at $ 64.15.
The futures market refers to trading of asset contracts that will be settled later. It acts as a kind of thermometer on the market's current expectation for the asset's value at maturity. In the case of Brent, the currently active contract expires in November.
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