Petrobras (PBR) Rising On Unusual Volume

Petrobras (NYSE: PBR) is trading up more than 5.25% on more than average volume. Petrobras is currently flirting with the $42 range and has already trading more than 33 million shares. On average, Petrobras trades 18.41 million shares. Petrobras is currently at $42.05, significantly below its 52-week high of $77.61.

Petrobras is likely up after confirming oil in the Santos Basin BM-S-11 Block. Petrobras has estimated that there are 3-4 billion BOE (barrels of oil equivalent) in the region.

Petroleo Brasileiro S.A., or Petrobras, together with its subsidiaries, engages in the exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks.
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