Brazil's oil production numbers are up, but the 3.8% jump in April over the previous month doesn't sound as pretty when compared to year-over-year production, which is still down 4.9%. With Petrobras (NYSE:PBR) bringing several of its aging offshore rigs back on line after maintenance, the renaissance of Brazil's oil business will not be found in its production numbers... not yet.

More importantly, contributor Tyler Crowe sees three distinct areas that he would like to see progress before he fully buys into Brazil's breakout. In this video, Tyler and fellow Fool Aimee Duffy discuss these three elements and how investors should play this potential turnaround. 

Fool contributor Aimee Duffy has no position in any stocks mentioned. Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow them both on Twitter @TMFDuffy and @TylerCroweFool, respectively.

The Motley Fool recommends Chevron, Petroleo Brasileiro S.A. (ADR), Seadrill, and Total SA. (ADR). The Motley Fool owns shares of Seadrill and Transocean. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.