March 28, 2018 / 12:32 PM / a month ago

Petrobras hedges price for 128 mln barrels of oil this year

RIO DE JANEIRO, March 28 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA said on Wednesday it has completed a hedge to put a floor under prices for 128 million barrels of oil it will produce this year.

The company said it purchased options in February and March based on Brent crude prices with an average cost of $3.46 per day guaranteeing an average strike price of $65 per barrel. (Reporting by Alexandra Alper)

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