FxWirePro: Norwegian Krone hits 3-week high as oil rallies on drop in U.S. crude stockpiles
The Norwegian Krone rallied to a 3-week peak as crude oil prices gained on falling in U.S. crude stockpiles. Crude oil price surged to a 1-week peak as a sharp decline in oil stockpiles outweighed concerns over a spike i…
The Norwegian Krone rallied to a 3-week peak as crude oil prices gained on falling in U.S. crude stockpiles.
Crude oil price surged to a 1-week peak as a sharp decline in oil stockpiles outweighed concerns over a spike in U.S. coronavirus infections.
U.S. Energy Information Administration data showed U.S. crude inventories fell 7.2 million barrels from a record high last week, as refiners ramped up production and imports eased.
However, gasoline stockpiles were higher despite expectations of a drop.
USD/NOK trades 0.3 percent lower at 9.4836, having touched a low of 9.4365 earlier, its lowest June 11.
On Wednesday, the pair declined below major support 200-DMA to close at 9.5137.
Immediate resistance is located at 9.5716, close above could take it till 9.6008.
On the downside, support is around 9.3775, break below could take it till 9.3263.
