Brazilian drilling with Petroleo Brasileiro (PBR)

Filed under: International markets, Brazil, Newsletters, Commodities, Oil, Stocks to Buy

"Crude oil remains deeply oversold on an intermediate-term basis, suggesting a rally sometime in the early fall," says Dennis Slothower.

The editor of Stealth Stocks looks to Petroleo Brasileiro SA (NYSE: PBR) as his latest "stock of the month." Here's his review of the Brazilian firm that is now the world's 8th-largest oil company.

"The founding of Petrobras was authorized in October 1953, with the objective of executing, on behalf of the federal government, the activities of the oil sector in Brazil.

"Over the past five decades or so, the company has become the country's leader in the distribution of oil products, an activity not covered by the government monopoly, and today it is internationally acknowledged as the eighth-largest oil company in the world.

"Leading the sector in the development of one of the most advanced deepwater and ultra-deepwater technologies for oil production, PBR was twice (in 1992 and 2001) awarded the Offshore Technology Company (OTC) prize, the most important award in the sector.

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