Petrobras (NYSE: PBR) closed at $74.11 Tuesday, a record high.
Crude oil futures are recently up 0.81% to $130.02 according to Bloomberg.
PBR announced its intent to hire 40 drilling ships and semi-submersible drilling platforms to operate in deep and ultra-deep waters.
PBR June option implied volatility of 48 is near its 26-week average according to Track Data, suggesting non-directional risk.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com










