FxWirePro: Norwegian Krone hits 1-week low as oil falls on rising COVID-19 infection cases
The Norwegian Krone slumped to a 1-week low as crude oil prices declined on COVID-19 surge. Crude oil prices declined, weighed down by fears about a slow recovery in the global economy and fuel demand due to an accelerat…
The Norwegian Krone slumped to a 1-week low as crude oil prices declined on COVID-19 surge.
Crude oil prices declined, weighed down by fears about a slow recovery in the global economy and fuel demand due to an accelerating rise in COVID-19 infections.
International benchmark Brent crude was trading 0.4 percent down at $43.18 per barrel by 0932 GMT, having hit a high of $45.27 on Wednesday, its highest since September 2. U.S. West Texas Intermediate was trading 0.6 percent lower at $40.18 a barrel, after rising as high as $43.08 on Wednesday, its highest since September 2.
USD/NOK trades 0.1 percent higher at 9.1768, having touched a high of 9.1916 earlier, its highest since November 6.
Immediate resistance is located at 9.2244 (EMA), close above could take it till 9.2415.
On the downside, support is around 9.1269, break below could take it till 9.0896.
