Oil producer Petroleo Brasileiro SA led a drop in Brazilian stocks as commodities slumped on fears of slowing global growth and after a comment from the central bank ahead of an interest rate decision raised concerns of government interference in monetary policy.
Petrobras tumbled 6.7 percent to 4.35 reais, set for the lowest closing level since 1999, as oil prices sank for a third day in New York. Raw-materials producer make up 20 percent of the Ibovespa’s weighting, and the slump in commodities added to investors’ gloom after central bank President Alexandre Tombini said Tuesday that policy makers would take into account the International Monetary Fund’s forecast of a deeper recession in Brazil this year. The central bank is under strong pressure from the government to hold the rate at its meeting today, Valor Economico newspaper reported on Wednesday.
Brazil Energy Insight 
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