SAO PAULO: Shares in Brazil's state-run oil company Petrobras rose around 8% in early Tuesday trading, rebounding after a sharp plunge the previous day on President Jair Bolsonaro's move to appoint a new chief executive.

Shares in Petroleo Brasileiro SA, as the company is officially known, plunged 22% on Monday, wiping out 71 billion reais ($13 billion) in market value.