The Norwegian Krone nudged higher, extending previous session gains as crude oil prices rebounded from recent lows. Crude oil prices rose, halting a 3-day losing streak as concerns over recovery in fuel demand eased. Int…
The Norwegian Krone nudged higher, extending previous session gains as crude oil prices rebounded from recent lows.
Crude oil prices rose, halting a 3-day losing streak as concerns over recovery in fuel demand eased.
International benchmark Brent crude was trading 0.4 percent up at $42.60 per barrel by 1150 GMT, having hit a high of $43.54 on Friday, its highest since September 18. U.S. West Texas Intermediate was trading 1.01 percent higher at $41.11 a barrel, after rising as high as $41.30 earlier, its highest since October 9.
Moreover, a decline in the greenback against a basket of currencies supported the bid tone around the Norwegian currency.
USD/NOK trades 0.1 percent lower at 9.2850, having touched a high of 9.4110 on Thursday, its highest since September 30.
Immediate resistance is located at 9.3820, close above could take it till 9.4059.
On the downside, support is around 9.2539 (20-EMA), break below could take it till 9.2375.
