by Oil Price
As the latest weekly inventory report from the EIA shows builds to both crude and gasoline, prices have reversed course and are charging lower. Hark, here are six things to consider in energy markets today.
1) Brazil is considering scrapping nationalistic oil legislation – which was implemented by President Dilma Rousseff – in favor of a concession model which would attract more international investment. While the legislation was put in place to primarily benefit Petrobras, widespread corruption in the state-run oil company and low oil prices have led to the change of heart. While the changing of legislation may take up to a couple of years, its implementation would remove the obligation for Petrobras to operate all oil fields – encouraging outside investment.