Bolsonaro’s Momentum Is Undermined by Possible OPEC Oil Cuts
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For Brazil’s President Jair Bolsonaro, oil prices are going up at exactly the wrong time.
The right-wing nationalist beat expectations on Sunday by finishing five percentage points behind front-runner Luiz Inacio Lula da Silva in the first round of presidential elections as falling fuel prices gave Bolsonaro a boost. Now, ahead of a second-round vote, oil prices have posted the biggest gain since July as OPEC and its allies consider an output cut of more than 1 million barrels a day.