Bloomberg News

Galp Drops to Lowest in Three Years as Brent Falls: Lisbon Mover

June 01, 2012

Galp Energia SGPS SA, Portugal’s biggest oil company, fell to the lowest price in almost three years in Lisbon trading as Brent crude slipped below $100 a barrel for the first time since October.

The stock dropped 5.5 percent to 9.101 euros, the lowest close since July 2009. All but one of the companies on the Stoxx 600 Oil & Gas Index declined.

Brent futures for July settlement fell as much as 4.1 percent to $97.70 a barrel on the ICE Futures Europe exchange in London. The European benchmark has fallen 8.4 percent this year.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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