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Brazil oil workers begin 72-hour strike after nationwide trucker protest

Brazilian oil workers began a 72-hour strike on Wednesday. It is a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America’s largest economy for over a week. The strike is the latest challenge for state-led oil firm Petroleo Brasileiro SA, whose shares have plummeted nearly 30 percent since May 16 over fears that political interference would unwind more investor-focused policies, Reuters said. Late on Tuesday, Reuters reported that Temer was considering an overhaul of a market-based fuel pricing policy at Petrobras, which could provoke even more investor flight. The oil strike was declared illegal by Brazil’s top labor court on Tuesday. However, FUP, Brazil’s largest oil workers union, said it had not been informed of the ruling and planned to go ahead with the stoppage.