FxWirePro: Norwegian Krone extends rally as oil jumps on lower U.S. stocks and firmer demand
The Norwegian Krone rose, extending gains for the third straight session as crude oil prices surged. Crude oil prices rose, hovering towards multi-week highs on signs of improving demand and a decline in U.S. crude inven…
The Norwegian Krone rose, extending gains for the third straight session as crude oil prices surged.
Crude oil prices rose, hovering towards multi-week highs on signs of improving demand and a decline in U.S. crude inventories, although worries over the economic fallout from the coronavirus pandemic limited upside.
International benchmark Brent crude was trading 1.6 percent higher at $35.12 per barrel by 1058 GMT, having hit a high of $35.74 on Tuesday, its highest since April 9. U.S. West Texas Intermediate was trading 0.9 percent up at $32.13 a barrel, after rising as high as $33.06 on Monday, its highest since March 16.
USD/NOK trades 0.2 percent down at 9.9504, having touched a low of 9.9119 the day before, its lowest March 13.
On Tuesday, the pair plunged to an over 2-month low but retraced to close lower near the 9.9700 handle.
Immediate resistance is located at 10.0342, close above could take it till 10.0596.
On the downside, support is around 9.9115 break below could take it till 9.8788.
