State-run Brazilian oil giant Petroleo Brasileiro SA (NYSE:PBR) (NYSE:PBR.A) shocked markets by reporting a loss for its June quarter while all analysts expected a profit.

The company reported a net loss of 1.35 billion reais (about $666 million), while analysts in a Bloomberg survey expected an average of 2.94 billion real profit. Significantly, it was the first quarterly loss declared by the company in almost 13 years, and not . . .

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