FxWirePro: Norwegian Krone halts 2-day rally as crude oil declines on oversupply fears
The Norwegian Krone declined, halting a 2-day winning streak as the oil prices declined on increasing U.S. crude stockpile. Crude oil prices slumped, extending losses from the previous day, after U.S. crude stockpiles gr…
The Norwegian Krone declined, halting a 2-day winning streak as the oil prices declined on increasing U.S. crude stockpile.
Crude oil prices slumped, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply.
International benchmark Brent crude was trading 1.1 percent lower at $41.90 per barrel by 1121 GMT, having hit a high of $43.92 on Tuesday, its highest since March 9. U.S. West Texas Intermediate was trading 1.05 percent down at $39.59 a barrel, after rising as high as $41.61 on Tuesday, its highest since March 6.
USD/NOK trades 0.5 percent lower at 9.5368, having touched a high of 9.7151 on Monday, its highest June 15.
Immediate resistance is located at 9.6327, close above could take it till 9.6715.
On the downside, support is around 9.4552, break below could take it till 9.4234.
