• The Norwegian Krone nudged lower, having retreated from a near 7-week peak in the previous session following a plunge in the oil prices due to growing stockplies.
   
• Crude oil prices declined, hovering towards their lowest level since June recorded in the prior session after data showed U.S. crude stockpiles unexpectedly rose last week, stoking concerns about a sluggish recovery in fuel demand.
   
• Data from the American Petroleum Institute showed U.S. crude stockpiles rose by 3 million barrels in the week to September 4, compared with analysts' forecast of a draw of 1.4 million barrels. 
   
• International benchmark Brent crude was trading 0.9 percent down at $40.26 per barrel by 0950 GMT, having hit a low of $39.34 on Tuesday, its lowest since June 16. U.S. West Texas Intermediate was trading 0.9 percent lower at $37.48 a barrel, after falling as low as $36.15 on Tuesday, its lowest since July 15.
   
• However, weakness in the greenback against a basket of currencies supported the bid tone around the Norwegian currency. 
   
• The dollar index slumped, weighed down by the U.S. Federal Reserve's strategy shift to a more tolerant stance on inflation.
   
• USD/NOK trades 0.1 percent higher at 9.0240, having touched a high of 9.1813 the day before, its highest since July 24.
   
• On Wednesday, the pair broke above 55-EMA but retraced to close 1.16 percent down at 9.0147. 
   
• Immediate resistance is located at 9.0500, close above could take it till 9.0790.
   
• On the downside, support is around 8.9587 (7-EMA), break below could take it till 8.9373 (20-EMA).