Brazil's Petrobras cancels plan to sell local-market bonds

RIO DE JANEIRO: Brazil's state-led oil company Petroleo Brasileiro SA said on Friday it had canceled plans to sell as much as 3 billion reais ($744 million) of local-market bonds after being unable to sell the debt at rates acceptable to both the company and investors.

Petrobras, as the company is commonly known, had interrupted its plan to sell the debt in October in the hope that market conditions would improve.