| |
Newsroom /
Business
/
Business
/
Hilbroy Advisory: Oil falls more than $3 on euro zone debt woe
Hilbroy Advisory: Oil falls more than $3 on euro zone debt woe
The dollar rose against the euro as a block of bad news about the euro zone crisis hit the single currency.
Montreal,
Quebec,
Canada
(prbd.net)
24/05/2012
Montreal, Quebec, May 23rd, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Crude oil futures slipped more than $3 on Monday due to the peripheral euro zone's debt crisis, which pushed the dollar to a two-month high versus the euro and knocked broader equity markets lower.
North Sea Brent crude futures led the oil complex lower, trading down $3.36 at $109.03 a barrel by 1250 GMT, having dropped by $3.81 earlier. U.S. crude was trading $2.95 lower at $97.15.
"The ratings cut for Italy and concern over Greek restructuring and the subsequent euro weakness appear to have prompted the price fall in crude this morning," said Mark Thomas, head of energy Europe with brokerage Marex Financial.
The dollar rose against the euro as a block of bad news about the euro zone crisis hit the single currency.
Fitch Ratings cut Greece's debt rating by three notches on Friday, pushing the country's debt deeper into junk status, and rival Standard & Poor's cut its outlook for Italy to "negative" from "stable" on Saturday.
Investors also worried that the defeat of the Spanish ruling Socialist party at weekend local elections could have further implications for the country's debt status.
"A worsening Spanish debt picture may mean that the country could conceivably follow Portugal, Ireland and Greece in negotiating a rescue package, a development that, in our view, could potentially crack the Euro.
The euro fell below $1.40 briefly, the level which had been seen as an important support.
Olivier Jakob at Petro matrix said the euro would remain the key focus for global investors.
"Crude oil has not been able to find any follow-through buying over the last ten days and without new fundamental developments it is likely to be harder to find strong fresh buying into crude oil if the Euro weakens further," Jakob said. European shares suffered the same fate as the euro, with the FTSEurofirst 300 index selling off 1.4 percent.
Risk aversion spread beyond Europe. World stocks as measured by MSCI were down more than 1 percent.
European airlines were sold because of the concerns over the volcanic ash cloud from Iceland.
The eruption of Iceland's most active volcano closed the island's main airport. Aviation authorities in Iceland said it hoped to reopen Keflavik airport later on Monday.
Other European nations watched for any impact on their air routes from a towering plume of smoke and ash.
But experts said they saw little chance of a repeat of last year's six-day closure of airspace, which also hit transatlantic flights, when another Icelandic volcano erupted.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
|