FxWirePro: Norwegian Krone advances to 7-month peak as crude oil rallies
The Norwegian Krone rallied to a 7-month peak as oil prices surged as suppliers seek to hold promises on output cuts. Crude oil prices gained after OPEC+ said the producer grouping is almost fully complying with output c…
The Norwegian Krone rallied to a 7-month peak as oil prices surged as suppliers seek to hold promises on output cuts.
Crude oil prices gained after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and its allies in August reduced their agreed cuts to 7.7 million barrels per day (bpd) from 9.7 million bpd previously.
International benchmark Brent crude was trading 0.2 percent up at $45.34 per barrel by 0926 GMT, having hit a high of $45.76 last week, its highest since August 5. U.S. West Texas Intermediate was trading 0.1 percent higher at $42.78 a barrel, after rising as high as $42.97 earlier, its highest since August 5.
USD/NOK trades 0.2 percent lower at 8.8308, having touched a low of 8.8203 earlier in the session, its lowest since early Janunary.
Immediate resistance is located at 8.8724, close above could take it till 8.9071 (5-DMA).
On the downside, support is around 8.8109 / 8.8070, break below could take it till 8.7905.
