Oil rises on weaker dollar, U.S. production outlook caps gains
SINGAPORE Oil prices rose on Wednesday with a weaker dollar underpinning the market, although gains were limited by expectations that U.S. producers would boost output.
RIO DE JANEIRO Brazil's state-led Petrobras has made "one of the most significant oil discoveries" in the country's offshore sub-salt play, Joao Carlos de Luca, the chief executive of Barra Energia, a partner in the discovery, told Reuters on Monday.
Petrobras, which operates the BM-S-8 block south of Rio de Janeiro in the Santos Basin, said in a securities filing that the group's Caracará prospect has shown 400 meters of continuous and connected oil reserves with excellent porosity and permeability.
The oil is of a light grade at 31 degrees on the American Petroleum Institute (API) scale. Other partners in the discovery are Portugal's Galp Energia SGPS and Brazil's Queiroz Galvao Exploracao e Producao SA.
(Reporting by Sabrina Lorenzi and Jeb Blount; Editing by Ed Davies)
BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China's vows to open its markets.
LONDON British American Tobacco has agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc , creating the world's biggest listed tobacco company after it increased an earlier offer by more than $2 billion.