NEW YORK—Shares of emerging markets oil and gas ADRs fell in Tuesday trading as crude prices slipped on the New York Mercantile Exchange.
Light, sweet crude for August delivery lost $4.73 to $136.94 a barrel on the Nymex. Last week prices had flirted with the $150 per barrel mark.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Shares of Brazil's Petrobras fell $3.05, or 4.7 percent, to $61.44. The drop comes even after Lehman Brothers analyst Paul Cheng boosted his 2008 earnings outlook for the company to $5.70 from $5.10 per share.
Cheng also raised his oil price outlook for 2008 to $127 per barrel from $105 per barrel.
Meanwhile, shares of South Africa's Sasol Ltd. slipped $1.12, or 2 percent, to $54.18.
Shares of PetroChina Co. lost 90 cents to $126.27; China Petroleum & Chemical Corp. declined 42 cents to $92.94; and Hong Kong's Cnooc Ltd. fell $1.82 to $165.37.
Argentina's Petrobras Energia Participaciones SA bucked the trend, adding 10 cents to $10.88.
The Bank of New York Mellon Emerging Markets ADR Index -- which includes shares of companies based in China, South Africa, Brazil and more -- lost 5.35 points to 325.35.
The Bank of New York Mellon Composite ADR Index shed 0.98 points to 161.59 as the U.S. markets rose in afternoon trading.
