Brazil says oil threatens 'gradual' rate rises

Minutes from Brazil's central bank interest rate setting COPOM committee showed that the bank expects to maintain a policy of "gradual" interest rate increases while holding out the possibility that increasing oil prices and worsening inflation expectations require faster increases.

"The perspective that oil prices remain at very high levels for a longer period of time has gained strength," the bank said in the minutes of last week's COPOM monetary policy meeting, when it raised the benchmark