FxWirePro: Norwegian Krone advance to 6-month peak as crude oil surge
The Norwegian Krone rallied, hovering towards a 6-month peak recrded in the prior session as oil prices surged on U.S. inventory drop Crude oil prices rose, reversing most of its prior session losses, after data showed a…
The Norwegian Krone rallied, hovering towards a 6-month peak recrded in the prior session as oil prices surged on U.S. inventory drop
Crude oil prices rose, reversing most of its prior session losses, after data showed a surprise drop in U.S. crude inventories.
Data from industry group the American Petroleum Institute showed inventories of crude oil in the United States declined by 6.8 million barrels last week to 531 million barrels.
International benchmark Brent crude was trading 0.9 percent up at $43.66 per barrel by 1053 GMT, having hit a high of $44.86 last week, its highest since March 6. U.S. West Texas Intermediate was trading 0.5 percent higher at $41.34 a barrel, after rising as high as $42.49 last week, its highest since March 6.
USD/NOK trades 0.4 down at 9.0744, having touched a low of 9.0490 the day before, its lowest since Jan 27.
Immediate resistance is located at 9.1596 (7-EMA), close above could take it till 9.1859 (10-DMA).
On the downside, support is around 9.0394, break below could take it till 9.0176.
