FxWirePro: Norwegian Krone declines after IEA says oil demand unlikely to get vaccine boost until later in 2021
The Norwegian Krone fell to a near 1-week low as crude oil prices weakened. Crude oil declined, hovering away from an over 2-month peak hit in the prior session after the International Energy Agency stated that global oi…
The Norwegian Krone fell to a near 1-week low as crude oil prices weakened.
Crude oil declined, hovering away from an over 2-month peak hit in the prior session after the International Energy Agency stated that global oil demand is unlikely to get a significant boost from the roll-out of vaccines against COVID-19 until well into 2021.
International benchmark Brent crude was trading 0.1 percent down at $43.72 per barrel by 0956 GMT, having hit a high of $45.28 on Wednesday, its highest since September 2. U.S. West Texas Intermediate was trading 0.1 percent lower at $41.36 a barrel, after rising as high as $43.18 on Wednesday, its highest since September 2.
USD/NOK trades 0.1 percent higher at 9.0981, having touched a low of 8.9644 on Monday, its lowest since September 10.
Immediate resistance is located at 9.1457 close above could take it till 9.1680.
On the downside, support is around 9.0114, break below could take it till 8.9970.
