The Brazilian government reached a landmark deal to pay state-controlled oil company Petróleo Brasileiro SA $9.058 billion for revising a transfer-of-rights oil contract, Energy Minister Bento Albuquerque said on Tuesday.Albuquerque told reporters after a meeting in Brasilia that the agreement opens the way for the government to auction off the excess oil in the transfer-of-rights area, a giant pre-salt oil reserve off the coast of Rio de Janeiro…
Oil traders are becoming very bullish on the outlook for prices, betting that Saudi Arabia will do whatever it takes to tighten the market even if consumption growth slows, helped by U.S. sanctions on Iran and Venezuela.Brent's calendar spread…
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