State-controlled oil producer Petroleo Brasileiro SA sank to the lowest level since 1999 as the Ibovespa fell for a third consecutive day, joining a global market selloff.
Petrobras, as Petroleo Brasileiro is known, dropped as oil declined to the lowest in 13 years. Miner Vale SA followed iron ore lower, leading losses among raw-materials companies. Itau Unibanco Holding SA contributed the most to the benchmark equity index’s decline amid concern that forecasts for Brazil’s deepest recession in more than a century will sap corporate profits.
Brazil Energy Insight 
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