Why Shares of Petrobras Rose 12.2% in October

Shares of Brazil's state-controlled oil company Petroleo Brasileiro (NYSE: PBR) -- usually shortened to Petrobras -- were up 12.2% in October, according to data provided by S&P Global Market Intelligence.

Petrobras' shares had been underperforming the market prior to the move. However, after the jump, shares have risen 23% so far this year, roughly matching the performance of the S&P 500, which is up 23.1% for 2019 to date. Petrobras' shares, though, have been far more volatile than the index.

Petrobras is hoping to outperform thanks to interest in Brazil's offshore oil fields. Image source: Getty Images.

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Source Fool.com