Brazil oil auction to gauge investor appetite amid reforms

Brazil’s oil auction this week will test whether a raft of market-friendly reforms under President Michel Temer can tempt investors back to a sector tarnished by a corruption scandal at state-controlled oil firm Petróleo Brasileiro SA.

Brazil will auction 287 onshore and offshore exploration blocks on Wednesday, raking in at least 1.69 billion reais ($537 million) if all are assigned.

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