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 in almost three years as Brent crude slipped below $100 a barrel for the first time since October.

The stock dropped as much as 7 percent and traded 4.6 percent at 9.187 euros at 12:01 p.m. in Lisbon. That would be the lowest close since July 2009.

All but one of the members of the Stoxx 600 Oil & Gas Index (SXEP) declined today.

Brent futures for July settlement fell as much as $2.27 a barrel, or 2.2 percent, to $99.60 a barrel on the ICE Futures Europe exchange in London. The commodity has lost 6.8 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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