ADRs in Focus: Latin American oil ADRs decline

Shares of Latin American oil companies that trade on U.S. markets declined on Thursday as the price of oil fell after China said it will raise fuel prices.

Light, sweet crude for July delivery gave up $4.18 to $132.50 a barrel on the New York Mercantile Exchange. Shares of oil companies often trade alongside the price of oil.

China said it will raise the price of gasoline, diesel and aviation fuel by 8 percent beginning Friday in a decision that could dampen the nation's rapidly growing demand for oil.

Separately, Antonio Brufau, chairman of Spanish oil firm Repsol YPF SA, said it is still too early to quantify recent oil discoveries near Brazil, Dow Jones Newswires reported.

Over the past several months, Brazil's Petroleo Brasileiro SA has announced several discoveries of oil off Brazil's coast, along with plans to expand its fleet of drilling rigs and other vessels.

ADRs of Petrobras fell $2.19, or 2.2 percent, to $66.46. However, shares have nearly tripled from a 52-week low of $24.37 in August.

Argentina's Petrobras Energia Participaciones SA fell 41 cents, or 3.3 percent, to $12.03.

Transportadora de Gas Del Sur SA was unchanged at $3.59.

The broader ADR market was lower. The Bank of New York Latin America ADR Index fell 2.08 points to 464.40.

The Bank of New York Composite ADR Index gave up 0.38 points to 172.24 as U.S. markets were higher.