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Brazils stocks fall early as oil prices hit 7-week high

Brazil's stocks fell just before noon Tuesday as oil prices hit a seven-week high in New York.

At 11.50 am/13.50 GMT, the main Ibovespa index of blue chips was 1.31% lower at 24,193.7 points on volume of almost R$ 132 million.

Investors here are worried about the possibility of rising oil prices pressuring Brazilian inflation. Brazil is a net importer of oil and oil derivatives.

In New York, crude oil for February delivery rose 2.07% a short while ago, to $48.38 per barrel.

Also, the Brazilian Central Bank will hold its monthly policy meeting Tuesday and Wednesday to review the benchmark Selic interest rate.

Other losers were telco Telemar (preferred A shares down 2.99% to R$ 60.00), federal power company Eletrobrás (common shares down 2.95% to R$ 32.20), Minas Gerais power utility Cemig (common shares down 2.82% to R$ 47.52), steel maker Gerdau (preferred shares down 2.40% to R$ 42.75) and power generator Cesp (preferred shares down 2.27% to R$ 10.75).

Jet maker Embraer, meanwhile, was one of only two gainers, with its preferred shares advancing 1.89% to R$ 19.97. Late Monday, Embraer said it delivered a total of 148 jets in 2004, 42 of which in the fourth quarter.

The other riser was pulp producer Aracruz, whose preferred shares inched 0.22% higher to R$ 9.16.

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