Brent pulling back today albeit well off the lows as of early afternoon as we hear headlines of an OPEC meeting potentially called early (although the sources of this meeting seem to be only forces who benefit from the cartel holding an emergency meeting) but also now having digested last week’s inventory and rig count data.
Fast forward 1 week and here is the chart today, one week later and 23% higher. Underlying equities have also rallied.
Whenever a sector or industry takes a beating — such as the energy sector — it’s good to sift through the rubble looking for a diamond in the rough.
Tuesday’s best web covers a slowdown in Israeli exports to China, the allure of Iraq’s Kurdistan-controlled oilfields, a review of Cognizant’s recent earnings report, and India’s plan to attract foreign investment.
Wednesday’s best web covers power outages in India, the steelmaking industry in China, the lack of bids to explore the South China Sea near the Philippines, the future of mobile money, and the effect of large, foreign oil companies supporting local governments.
Brazil’s oil industry and Petroleo Brasileiro S.A. (PBR, quote) have great potential. Petrobras shares have floundered in recent trading due to the falling price of oil (USO, quote), but this is still a dividend-paying stock with a huge upside. While Brazil still imports oil, the gap between domestic production and consumption is dwindling.
Friday’s best web covers China’s experimentation with new financial rules, India’s consideration of IKEA’s waiver request, the IHH Healthcare IPO, bids submitted to explore Khan Asparuh, and the ASEAN-Latin America Business Forum.