The risk of owning Brazilian government bonds fell to its lowest level since May 9, as ratings agency Fitch raised the emerging market’s credit rating to investment grade. This from Bloomberg:

Fitch raised Brazil’s foreign-currency debt rating to BBB-, the lowest investment-grade level, from BB+, matching a move made by S&P on April 30. The increase will give the South American country better access to capital markets because some institutional investors can only buy securities issued by countries with at least two investment-grade ratings.

The recent discovery of two massive Brazilian oil fields may end the US’s reliance on Middle East crude.

According to Bloomberg:

Saudi Arabia’s influence as the biggest oil exporter would wane if the fields are as big as advertised, and China and India would become dominant buyers of Persian Gulf oil, said Peter Zeihan, vice president of analysis at Strategic Forecasting in Austin, Texas.