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Financial News: BRAZIL: DI Rates Rise With Truck Drivers' Strike

BRAZIL: DI Rates Rise With Truck Drivers' Strike And Fears Around Petrobras

05/24/2018 - 16:25:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened a tad higher, amid news that a strike from truck drivers is creating shortages of some products and as traders react to Petrobras' decision to cut diesel oil prices in an attempt to help the Brazilian government defuse that crisis.

The January 2019 DI contract rate was at 6.595% at the start of the session, the same level from yesterday, while the January 2020 DI rate increased to 7.47%, from 7.44%. The January 2021 DI contract rate was at 8.63%, from 8.58%.

"Yes, it happened again," said UBS analysts Luiz Carvalho and Gabriel Barra in a report, alluding to Petrobras' decision to cut and freeze diesel oil prices for 15 days. According to them, that reminds the "2010 to 2014" period, when the Brazilian government managed fuel prices to avoid inflationary pressure.

Renascenia Corretora added that Petrobras decision makes the current scenario more negative, due to "worries about interference in the company, and that influences the DI rate curve."

A derivatives trader said that solving the current crisis depends on ending the truck drivers' strike and silencing criticism about Petrobras' fuel price policy.

"Markets see a threat to the oil company autonomy, but Pedro Parente (Petrobras' president) denies that," the trader said.

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