Major listed oil producers in Latin America posted decisive gains on Thursday, bucking a broader retreat in global crude prices.
Petrobras, Ecopetrol, and Argentina’s YPF all advanced in trading, defying the downward pressure on the underlying commodity market.
The divergence came as the United States Oil Fund (USO), a key proxy for WTI crude, fell 1.42% to settle at US$127.48.
The decline in the benchmark was driven largely by a firmer US dollar, which typically weighs on dollar-denominated commodities.
Despite the macro headwind, regional equities held firm, suggesting investors are pricing in local operational strengths or currency hedges that offset the global benchmark weakness.
This session marks a shift from recent trends where global crude declines have dragged down regional energy stocks.