(May 7th 2012) Exclusive to GEOnomic Investing
Socialist Francois Holland has been elected the new leader of France. In the past, Holland has been vocal, claiming that he is against austerity measures and instead favors additional economic stimulus. In Greece, voters flocked to ant-bailout parties and the country was left without a majority government from any party.
Oil fell to a three-month low as the euro weakened against the dollar. The euro fell as much as 1 percent against the dollar to the lowest level since January. When the euro weakens against the dollar, it reduces oil’s appeal as an investment.
Crude for June delivery slumped 0.6 percent, to $97.94 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 6. Prices are now 11% below their 2012 high of $109.77, which they reached on Feb. 24th.
Brent oil for June settlement declined 2 cents to settle at $113.16 a barrel on the London-based ICE Futures Europe exchange.