'Operation Car Wash' has uncovered another case of bribery involving Brazil's state-run oil company Petrobras. It involves three of the world's largest commodity traders paying millions in exchange for better trading contracts.
President Jair Bolsonaro has suggested a criminal element to the mystery oil slicks polluting Brazil's northeast coast. About 100 oil spills have been detected along the nation's beaches since early September.
Nearly one hundred oil spills have been detected along Brazil's northeast coast since early September. Brazil's environment agency said an analysis of the crude showed it was not produced by the country.
It's been a turbulent few days on international markets for oil investors. Yet while Saudi Arabian supply may be restored quickly, the attacks have raised questions that may impact the price of oil in the longer term.
The attacks on Saudi Arabia's oil production facilities could mean that a large chunk of its oil exports are sidelined for weeks. But the price spike that has followed may not last, as global demand has changed.
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