Petroleo Brasileiro SA and the UK’s BG Group have made a second major oil find in Brazil’s Santos Basin.

The Guara exploration well struck oil in the BM-S-9 concession area – the same block as September’s Carioca discovery, which could contain as many as 33 billion barrels of oil.

“There are those who will tell you that oil is a cyclical business and a global fungible commodity,” says Christian DeHaemer in Taipan Daily.

Oil exploration experts have predicted that Brazilian oil find – the Tupi deposit and possible offshore fields nearby – may cost up to $240 billion to exploit.

But if the prospects turn out to hold $6 trillion of petroleum, they’ll kick the emerging market into the premier league, making it one of the world’s ten largest oil producers.

“There are those who will tell you that oil is a cyclical business and a global fungible commodity,” says Christian DeHaemer in Taipan Daily.

The US dollar looks set to make a second straight monthly advance against the yen and euro as gains in stocks showed traders are cautiously optimistic the economy may not slide into recession after all.

“The idea that the Fed will continue to cut rates has been completely put to bed and the market is now flirting with the idea of a rate hike. That has given the dollar a boost,” said Alan Ruskin, head of international currency strategy at RBS Greenwich Capital Markets in Connecticut, in Bloomberg. More from that story:

As a result of soaring fuel costs, aircraft demand forecasts are being revised… upwards. Yes, that’s the latest news. What has happened to all the green intentions that columnists are trying to inspire?

The latest is in from Sadia: It’s a bull market in food. Sadia is one of the largest food companies in the world, and Brazil’s largest meat exporter. Its operations sit in the world capital of cheap labor, abundant water, and fertile soil.